"Today's National Accounts show the Albanese government's economic policy is crashing the Australian economy, and Australians standards of living are declining", said Shadow Treasurer Tim Wilson.
Mr Wilson's comments come in the wake of the ABS' National Accounts figures released today showing:
- Growth of 0.3% in the March quarter is the weakest growth in the past year and below market expectations
- GDP per capita declined 0.1% over the quarter, the tenth quarter of decline seen under Labor. We have already experienced Australia's longest household recession under Labor.
- Productivity is down 0.6% over the quarter the sharpest fall in two years. This takes the fall under Labor to more than 5%.
- Australian's living standards fell 0.6% in the quarter. Under this Labor Government, Australia has experienced the largest collapse in living standards in the developed world.
- Australians are working harder and getting less, with hours worked up 14% under Labor.
- Taxes continue to rise under Labor, Australians total income tax bill is almost 40% higher since Labor came to Government.
- With 15 interest rate rises under the Labor Government, interest paid on mortgages has tripled under Labor.
- Household savings are down to 6.2 percentage points, down more than 5 percentage points under Labor.
"The Albanese government's policy is acting like a wrecking ball through the economy before Iran and the Budget, and since then the only solution to the small business and household confidence crisis is higher taxes", Mr Wilson said.
"The Treasurer is in complete denial about the impact of the wrecking ball of his policy, and he keeps using public spending through private sector as a smokescreen", Mr Wilson said.
"The Albanese government can only boast about private sector investment by importing machinery and equipment, not from home grown activity".
"The Treasurer's boasts don't match the lived experience of Australian households and small businesses whose confidence has collapsed and are drowning under his policy".
"Australians want a government that looks to the future with hope and aspiration, not one that only wants to manage their self-inflicted decline of the Australian economy".
"The GDP figures are only being kept afloat because there are 2 million more people in the country since Labor came to office".
"Australians are working longer, working harder, saving less, paying more, and being taxed more. They are worse off because of the policies of this Labor government".
