SENATOR DEAN SMITH
SHADOW ASSISTANT MINISTER FOR COMPETITION, CHARITIES AND TREASURY
SENATOR FOR WESTERN AUSTRALIA
MEDIA RELEASE
27 December 2024
HOLIDAY PAIN AS ALMOST 60 GOODS AND SERVICES RECORD DOUBLE DIGIT PRICE GROWTH OVER TWO YEARS
A comprehensive new analysis lays bare the cost-of-living increases since the Albanese Government has been in power – and their devastating impact on household budgets as Christmas approaches.
It reveals for the first time that, over the past two years, 57 goods and services recorded double digit price growth.
23 goods and services increased by 15 percent or more.
The analysis of CPI data produced by the Australian Bureau of Statistics (ABS) was undertaken by the Federal Parliamentary Library at the request of WA Liberal Senator Dean Smith.
It provides a confronting insight into the impact of inflation on everyday prices in Australia between the March 2022 and September 2024 financial quarters.
The data confirms that basic foodstuffs, including bread, breakfast cereals, fruit, eggs, cheese and cooking oils have jumped in price by more 20 percent.
Energy costs have also surged, with the cost of gas and household fuels rising 30.1 percent since March 2022.
Further evidence of the scale of the financial pressure Australian families are experiencing is the rising cost of key services like insurance, which skyrocketed by 34.1 percent.
The data shows that the combined cost-of-living of the eight capital cities in Australia rose 12.3 percent.
Adelaide, Sydney and Melbourne were the worst affected – with Adelaide up 14.6 percent, Sydney up 13.0 percent and Melbourne up 12.2 percent.
It also reveals that Perth has been one of the cities hit hardest by the Albanese Government’s housing crisis.
The cost of rents in the WA capital increased by 24.9 percent, compared to a national increase of 17.2 percent, while new dwelling prices jumped 34 percent, compared to 20.8 percent in the rest of Australia.
As a result, national household saving ratios have collapsed to from 11.9 to 3.2 percent over the same 2022-2024 period, with Australians forced to access these funds just to afford housing, food and other essentials.
This data makes it official: Anthony Albanese and Labor have failed the Australians they promised to make life easier for at the last election.
Their economic mismanagement has fuelled homegrown inflation, massively driving up the cost-of-living – and leaving many Australians unable to make ends meet this Festive Season.
Comments attributable to Senator Dean Smith:
“This new ABS data is conclusive evidence that the Prime Minister has broken his promise that Australians would be better off under his leadership.”
“It is the cumulative effect of these goods and services price increases over two years that has been so crippling to household finances.”
“Labor has overseen a rise in the cost of goods and services so dramatic that record numbers of Australians cannot house or feed themselves and are facing one of the toughest Christmas periods we’ve seen in recent years.”
“With an election in the next few months, Australians will have their chance to voice their frustration at the Albanese Government’s mishandling of the cost-of-living crisis and restore strong fiscal leadership under a Coalition Government”
ENDS