SENATOR DEAN SMITH
SHADOW ASSISTANT MINISTER FOR COMPETITION, CHARITIES AND TREASURY
SENATOR FOR WESTERN AUSTRALIA
MEDIA RELEASE
11 July 2024
WA HOUSEHOLD SPENDING IN RECORD DOWNTURN UNDER LABOR
Plummeting household spending in Western Australia is the latest indicator of the state’s worsening cost-of-living crisis since the Albanese Government came to power.
Australian Bureau of Statistics Data, released at the end of last week, revealed total WA household spending fell in May this year – a -0.3% drop compared to May 2023.
It was the first time it had entered negative territory since February 2021, during the economic fallout from the COVID-19 pandemic.
The data also highlighted a -3.2% fall in discretionary household spending in the year to May 2024.
Despite some smaller decreases in recent months, this May 2024 discretionary spending figure represented the largest fall recorded since June of 2020.
This was led in the most part by a sharp contraction in the amount being spent by WA households on clothing (-9.4%), recreation (-6.8%) and hospitality (-4.8%).
Transport expenditure was also down, falling 0.5% in the year to May 2024, which was the first negative figure for household spending on transport since February 2021 – once again, at the height of the pandemic.
These latest ABS numbers confirmed the extent to which the living standards of Western Australians continue to slide under Labor.
Senator Dean Smith, Liberal Senator for WA and a member of the Coalition’s Shadow Economic Team, said the declining total household spending lays bare how tough WA households are doing it on Anthony Albanese and Jim Chalmers’ watch.
“These are numbers you cannot talk your way out of – the worst in WA since the pandemic – and reflect real local households experiencing real economic pain,” he said.
‘We’ve seen 12 interest rate rises under Labor and the RBA, which is having to act because Labor won’t, has made clear more are likely.”
“When you think of the unprecedented economic challenges of COVID-19, to be experiencing similar downturns as a result of Labor’s home-grown inflation is shocking.”
“Until the Albanese Government reins in spending and gets inflation under control, these sorts of figures will become the rule, not the exception, and WA households will pay the price.”
ENDS