"The Reserve Bank was forced to increase interest rates again today because the Treasurer keeps pouring debt petrol on the inflation fire", said Shadow Treasurer, Tim Wilson.
Mr Wilson's comments follow the Reserve Bank's decision today to increase interest rates by a quarter of a per cent from 4.1% to 4.35%, and inflation data last week that showed persistent underlying domestic inflation compounded by the Iran conflict.
In its decision, the RBA noted "Inflation picked up materially in the second half of 2025, and information since the beginning of this year confirms that some of this increase reflected greater capacity pressures".
"The Treasurer said this time last year that Australia had turned the corner on inflation and interest rates - and he is right that it was upward, again. This is now the highest interest rates have been under this Labor government", Mr Wilson said.
"The Treasurer hasn't taken inflation seriously, and that's why Mums and Dads are paying higher interest rates".
"This is the 15th interest rate rise under Labor. A family with an average mortgage is now paying $29,000 a year more in interest than when Labor was elected".
"Yesterday the Opposition released data showing an average couple with an average mortgage had $30,000 less in purchasing power under the Albanese government, and the pressure keeps mounting".
"While Australian households are being told to pull their belt in, the Albanese government seems disinterested and unwilling, and now they're introducing a new suite of family savings taxes on homes, rentals and trusts to feed it".
"The Treasurer's idea you need to break trust, to build trust, to target trusts is absurd".
"Mums and Dads will be able to sniff out the Treasurer's family savings tax agenda, and they should tell us their stories at www.notthetax.com.au ", Mr Wilson said.
