"The latest report from the International Monetary Fund has called time on the Albanese government's economic model, and the Treasurer's spending addiction, because it is fuelling inflation and higher interest rates", said Shadow Treasurer, Tim Wilson.
Mr Wilson's comments come in the wake of the IMF's latest World Economic Outlook. The report downgraded Australia's growth forecast for next year to just 1.6 per cent and lifted its forecast for unemployment to a peak of 4.7 per cent. It also warned that a renewed focus on rebuilding fiscal space is urgent.
In its report, the IMF stated that for countries with above-target inflation, "fiscal consolidation can moderate demand and complement monetary policy efforts to maintain price stability". The IMF also expects inflation to jump to 3.9 per cent this year while unemployment keeps rising.
"This international report card has extraordinarily given the Albanese government two economic 'F's' and warned that if it doesn't kick its spending addiction, Australians will be expelled from prosperity and risk job losses", Mr Wilson said.
"The Albanese government keeps pouring debt petrol on the inflation fire, and families and small business are paying the price through rising interest rates and higher prices at the supermarket".
"Australian families just want to pay their mortgage, fill their trolley and get ahead. Instead, they have been hit with 16 interest rate rises because the Treasurer refuses to pull in his belt while asking everyone else to pull in theirs", Mr Wilson said.
"The Treasurer blames the Middle East, but the first rate rise this year came a full month before the first bomb dropped on Iran. Australians can't pay their mortgage with Jim Chalmers' excuses".
"The Coalition will put a speed limit on spending, crack down on waste, fraud and abuse, and deliver our Tax Back Guarantee. That means a bigger, permanent tax cut for every Australian worker, every year".
"If the Treasurer keeps ignoring the warnings, families and small businesses will pay the price with more rate rises, fewer jobs and an economy that keeps going backwards".
"Australians deserve an economy where hard work gets them ahead, not one where they run faster just to stand still".
