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Rising costs hit Tasmanians hard

New figures out today show Tasmanians continue to suffer under rising prices, with cost of living increases now significantly outpacing wages growth.

Shadow Treasurer Shane Broad said the latest CPI data shows Hobart has the highest quarterly inflation of any capital city and the highest rate here since 2000.

“Today’s figures confirm what thousands of Tasmanians already know – that they are struggling under the weight of ever-rising prices and stagnated wages growth,” Dr Broad said.

“Hobart has the highest quarterly inflation rate of any capital city – at 2.2 per cent – compared to the national average of 1.3 per cent.

“Annual inflation is now running at 4.5 per cent, well above the national rate of 3.5 per cent, with cost of living increases now the highest they’ve been in 20 years.

“With the most recent wage growth figures at 2.7 per cent in the year to September, cost of living increases are now significantly outpacing wages growth.

“Among the key areas affected, electricity prices rose by 16 per cent in the quarter, fuel by 12.4 per cent, utilities by 9.3 per cent, housing by 5.5 per cent and transport 5.2 per cent.

“So despite all the bragging by this government about how well the state is doing, the reality for far too many Tasmanians is very different, with State Government decisions on water pricing, broken promises on fuel pricing and failures on housing only adding to the pain.

“And it’s not just Tasmanian families and individuals who are hurting – the Liberals may be spruiking CommSec’s January State of the State Report, but the fact is that the report has assessed the results for the last quarter, before the borders reopened.

“Since then, businesses have had to deal with a big downturn from the COVID outbreak whilealso being slugged with increases in fixed costs like electricity.

“All of this adds up to a world of pain for Tasmanian families, businesses and individuals. No amount of spinning the numbers in the Liberals’ favour will change that.”

Shane Broad MP
Shadow Treasurer