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Labor’s failed economic plan a key focus of cost of living inquiry

With submissions to the Parliament’s cost of living inquiry closing this week, I am calling on local residents, small businesses and other organisations impacted by the skyrocketing cost of living to raise their concerns.

So many Australians are suffering from escalating power prices, grocery bills, mortgages and rents in the face of nine consecutive interest rate hikes and the highest inflation rate in thirty years. The Senate’s Select Committee on Cost of Living inquiry is an important way to give all Australians a voice.

That is why the Coalition worked to establish the inquiry which is examining the causes of cost of living pressures, how they are impacting Australians and what sensible solutions are required to address this crisis.

Labor has deceived Australians by making false promises before the election on lower interest rates, mortgages and power prices including Labor’s broken promise to reduce electricity prices by $275 a year.

After announcing higher taxes on superannuation, another broken promise, which will particularly hurt many thousands of small businesses and farmers, Labor is now denying it intends to tax the capital gains on the family home.

The problem for Prime Minister Albanese and his government is that they cannot be trusted to tell the truth.

Labor has committed to a high taxing, high spending budget which will only make the cost of living crisis worse for Australians. Labor has no plan to manage the economy, and Australians are paying the price.

So far, the cost of living inquiry has heard that:

  • energy companies are pausing or withdrawing millions of dollars of investments in new supply, which would keep power prices low, in response to Labor’s price intervention policy;
  • food charities are expecting to continue increasing donations into 2024 amid rising reliance on not-for-profit organisations to put food on the table; and
  • interest rate hikes have increased the typical Australian variable mortgage holders’ repayments by around $10,000 per year.

The Coalition left office with strong employment levels, record exports and a recovering budget bottom line. Under Labor, prices are skyrocketing, markets are uncertain and Australians are paying for it.

You can be part of shaping the inquiry’s recommendations to government to address the cost of living crisis. Submissions are due by 10 March 2023 (noting that late submissions may be accepted) and can be made via

5 March 2023

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