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Cost of living pressures at crisis point

Tasmanians are facing a cost-of-living crisis, with inflation in the state at its highest level in over 20 years.

Consumer Price Index data released today by the Australian Bureau of Statistics shows annual inflation is up 5.8 per cent – well above the national average of 5.1 per cent.

While the Rockliff-Ferguson government continues to ignore the issue, the cost of household basics is rising fast, putting even more pressure on Tasmanian families and individuals.

The cost of food is up 4.4 per cent, with vegetables up 9.2 per cent and beef 13.1 per cent, housing is up 8.1 per cent including new builds which are up 18.7 per cent, gas is up 18.1 per cent, transport 19.5 per cent and insurance 9.6 per cent.

With wages only rising by 3 per cent, that means families are going backwards at a record rate.

Businesses are also facing cost pressures and with runaway inflation, quoting for a fixed price contract is riskier now than it has been in decades.

To make matters worse, the Rockliff-Ferguson government is adding to the struggle with an unfair new bin tax, water bill increases of $400 and unfair new power charges.

Meanwhile, as our population has declined two quarters in a row, this week’s Business Outlook Report shows price pressures are “mounting fast” and rising living costs are placing significant pressure on the state’s ability to attract workers.

The Rockliff-Ferguson government has lost control of the basics of economic management and rather than looking to impose new burdens, it needs to start delivering real help for everyday Tasmanians.

Shane Broad MP
Shadow Treasurer