SENATOR DEAN SMITH
SHADOW ASSISTANT MINISTER FOR COMPETITION, CHARITIES AND TREASURY
SENATOR FOR WESTERN AUSTRALIA
MEDIA RELEASE
20 December 2024
AUSTRALIAN HOUSEHOLD SAVINGS COLLAPSE UNDER LABOR
Reserve Bank of Australia data reveals the rapid decline in household savings under the Albanese Labor Government.
A comparison of RBA Key Economic Indicators Snapshots from the beginning of Labor’s term and now confirms the household saving ratio has plummeted from 11.9 percent to 3.5 percent.
A household earning $75,000 was saving $8,925 annually at the beginning of Labor’s term – this has now fallen $6,300 to just $2,625.
It exposes the toll of Labor’s mismanagement of the Australian economy and the increasing vulnerability of households struggling with a 0.8% GDP growth rate, as well as the cumulative impact of persistent homegrown inflation.
Prime Minister Anthony Albanese and Treasurer Jim Chalmers owe the Australian people an explanation for their failure not only to improve living standards and household wealth, but also for reducing them instead.
Comments attributable to Senator Dean Smith:
“The Albanese Government has made it harder and harder for Australians to keep what they earn – leaving households struggling to pay for necessities, let alone save for the future.”
“It bear’s full responsibility for an economy at close-to-zero GDP growth, high interest rates and sticky inflation.”
“It has broken its promise to Australians of an easier life and only a Coalition Government will put our economy back on track and deliver Australians the prosperity they deserve.”
ENDS