"New inflation data shows Australia has been left vulnerable and exposed because the Treasurer's active inflation agenda has been left to persist even before the inflation consequences of the global crisis," said Shadow Treasurer, Tim Wilson, today.
Mr Wilson's comments follow the release of the ABS' February inflation data.
In February, prior to the start of the Iran conflict, inflation was running hotter here than in every major advanced economy.
At 3.7 per cent, inflation here is greater than France 0.9 per cent, Japan 1.3 per cent, Italy 1.5 per cent, Canada 1.8 per cent, Germany 1.9 per cent, United States 2.4 per cent, and the United Kingdom 3.0 per cent.
"Australians have lost confidence in Labor's management of the economy and the Treasurer's excuses as his active inflation agenda squeezes household budgets and new data confirms plummeting consumer confidence and skyrocketing inflation expectations.
"The most persistent inflation is homegrown - risen from 4.9 to 5.0 per cent - and fuelled by the Treasurer's active inflation agenda that is pouring debt petrol on the inflation fire."
Shadow Treasurer Tim Wilson said the latest CPI data confirms inflation remains a persistent challenge and combined with record low consumer confidence data, showed Labor was taking the country further behind.
"Australians are being hit from both sides. Their confidence is falling while their cost of living keeps rising," Mr Wilson said.
"Under Labor, we are heading for a lost decade of productivity, leaving every Australian around $35,000 worse off.
"This reflects what families already know-their pay packets are not going as far, and the pressure is not easing.
"Instead of easing pressure, government spending is adding to inflation risks at a time when Australians need relief."
"Australians are already paying the price through higher mortgages, groceries and energy bills. They need a government focused on restoring stability, not adding to uncertainty."
Mr Wilson said Australia needs a renewed focus on economic discipline.
"That means getting spending under control, restoring respect for taxpayers, and backing policies that lift productivity so hard work pays off again," he said.
"Australians deserve an economy where they can get ahead, not one where they feel like they're falling behind.
"We know under the Albanese government there's plenty of fuel for inflation, just not for farmers and families. Only the Coalition will protect Australians' way of life and restore their standard of living," Mr Wilson said.
