Homeowners and renters suffer as Labor's spending stokes inflation

Today’s ABS September quarter inflation figures show that Labor’s excessive spending continues to put pressure on the cost of living for homeowners and tenants, with steep rises in power, water and rents accounting for most of the increase in the consumer price index (CPI).

Senator Payne said the increases in water and sewerage charges (12.8%), electricity (6%), property rates and charges (6.2%) and rents (1.1%) were a blow to homeowners and renters.

"Homeowners are already struggling with the cost of living, but Labor continues to stimulate the economy like there’s no tomorrow, putting pressure on inflation, even as the Reserve Bank is widely expected to lift interest rates in the coming months," Senator Payne said.

"This is also bad news for tenants, with rents rising well above the overall level of inflation.

"Rents are sure to go up further as landlords look to pass on rising mortgage interest rates.

"Labor loves to boast how Australia’s economy is the envy of the world, with strong growth and low unemployment.

"If that is the case, why does it continue to stimulate the economy, well after the worst of the global financial crisis has passed?

"This is a question that homeowners and renters would like the government to answer."