Henry Pike MP says local families are paying a heavy price for Labor’s reckless spending, with higher interest rates, rising household bills and worsening mortgage stress biting hard across the Redlands.
“Australian taxpayers are now paying around $50,000 every minute just to service the interest on the Federal Government’s $1.2 trillion debt,” Mr Pike said.
“That’s money that could be going into local roads, health services, community infrastructure and genuine cost of living relief for Redlanders.”
Mr Pike said government spending under Labor is growing 13 times faster than was budgeted under the previous Coalition Government and is now at its highest level outside a recession in almost 40 years.
“This year alone, Labor has added another $50 billion in new spending decisions, almost the size of the entire defence budget,” he said.
“All this spending is keeping inflation higher for longer, and Redlanders are paying the price.”
Official figures show inflation accelerated again in December, leading to the 13th interest rate rise since Labor came to office. The Reserve Bank now expects inflation to remain above target for at least another two and a half years.
“The consequences for Redlands are serious,” Mr Pike said.
“The average Redland mortgage holder is paying around $23,000 more per year in interest than they were when the Albanese Government came to office.
“One in eight Redland households is already experiencing mortgage stress, and that number is expected to rise further following this week’s interest rate decision.”
Mr Pike also pointed to the National Rental Affordability Index, which now rates every mainland Redlands suburb as ‘unaffordable’.
“These pressures come on top of soaring grocery prices, higher power bills and rising insurance premiums,” he said.
“Redlanders are paying the cost of Labor’s reckless spending three times over through higher taxes to service Labor’s debt, through higher prices at the checkout, and again through higher interest rates as the Reserve Bank is forced to clean up the mess.”
“It’s no wonder Australia has suffered the biggest collapse in living standards in the developed world since Labor came to office.”
“Redlanders deserve better than reckless spending, ballooning debt and endless interest rate rises,” Mr Pike said.
“We can and must do better.”