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May 5, 2023

A parliamentary committee established to examine the cost of living has confirmed what the people of Wannon already know - there is a cost-of-living crisis under Labor.

The Senate Select Committee on the Cost of Living released its Interim Report on 3 May after a public submission process and a series of hearings in major cities as well as suburban locations like southwestern Sydney and Melbourne’s outer east.

The Interim Report included 11 major findings, including:

  • Labor’s spending is contributing to inflation;
  • The most effective way to reduce inflation is to have monetary policy and fiscal policy working in the same direction; and
  • The cost-of-living crisis is causing an increase in the demand for services provided by the charitable and not-for-profit sector.

The Interim Report found that Labor’s spending is contributing to the cost-of-living crisis by adding to inflationary pressures and inflationary expectations.

Labor’s big spending comes at the same time as the Reserve Bank of Australia continues to increase interest rates to try to tackle inflation.

The RBA has been forced to increase interest rates ten times since Labor came to Government. Mortgagees in Wannon will now have to pay $21,000 more to cover the increases in their mortgage costs - at the same time they are paying higher grocery prices and higher energy bills.

Member for Wannon, Dan Tehan said Labor’s Budget needs to respond to the Report’s findings by delivering responsible cost of living relief for the people of Wannon that does not make inflation worse.

“The Committee’s Interim Report is very clear - the cost-of-living crisis is driving more people to seek assistance from charities,” Mr Tehan said. 

“People in Wannon are experiencing higher mortgage rates, higher energy prices and higher grocery bills. They haven’t received any of the so-called cost of living relief Labor promised.

“This Budget is a test for Labor. Will they deliver a budget that responds to the findings of this Report and doesn’t make the inflation problem worse, or will they let the people of Wannon bear the brunt of their poor economic management?”

Mr Tehan said he was so concerned about the impact cost-of-living pressures were having on communities within Wannon, he had invited Senator the Hon Jane Hume, Shadow Minister for Finance and Chair of the Cost-of-Living Committee to Warrnambool for a Cost-of-Living Forum.

“This forum will allow individuals, organisations, and businesses to share personal stories about the impact of the cost-of-living crisis.

Through this process, the Cost-of-Living Committee will seek to recommend practical solutions to address the cost of living without adding to inflation. 

Interested attendees are asked to contact the office on 1300 131 692.

Media contact | Sandie Gustus 0408 564 232