Anthony Albanese says cost-of-living relief will be a main priority of his government in 2024

Australia’s cost-of-living crisis will remain a core pressure point for the Albanese government in the new year.

Anthony Albanese says his government is looking at new ways to battle Australia’s cost of living crisis in 2024 as households battle the pain of high inflation ahead of Christmas.

Describing Labor’s cost relief strategy as a ‘plan for a better future’, the prime minister said he would continue to roll out targeted support in the new year and attributed a recent dip in his own personal approval rating to backlash from global economic pressures.

“We’re always looking at ways in which we can provide further cost of living relief including getting advice from treasury and finance, of course, we’ve already created some $23 billion of cost of living relief across health including cheaper medicines, including fee-free TAFE, were strengthened paid parental leave, energy bill relief housing support,” Mr Albanese said.

“But we understand that some people are doing it tough. Inflation affects the poor more than anyone else. It inversely affects people who can least afford to pay - and that’s something we are very conscious of.”

The annual inflation rate is currently 5.4 per cent and the official cash rate is 4.35 per cent, its highest level since 2011. Picture: Jeremy Piper/NCA NewsWire.

Recent data from consumer sentiment tracker Finder showed that two in five people across the country are struggling to pay to keep a roof over their heads.

The ongoing survey of more than 53,000 people found that the current levels of financial burden felt by households sit in the “extreme range”, at 79 per cent.

Treasurer Jim Chalmers flagged a potential budget surplus next May during last week’s economic update, which he said could pave the way for increased cost of living support.

The prime minister said while he understood people were doing it tough over Christmas his government’s core focus over the summer months will be to bring down inflation.

“Fighting inflation has been our main priority. And inflation is, of course, moderating.

“It’s heading in the right direction, not as fast as we would like, but we’ll continue to provide cost of living support whilst taking pressure off inflation,” Mr Albanese said.

The average household is spending $199 on groceries each week, up from $184 per week in June last year. Picture: NCA NewsWire.

He also accused the Coalition of “having nothing positive to offer” after opposing most of his government’s headline cost of living measures this year, including Labor’s power bill relief legislation, its 60-day prescription dispensing plan and its $10bn social housing fund.

“I note that during 2023, whilst our opponents opposed our measures to provide support on cost of living, they haven’t come up with a single proposal,” Mr Albanese said.

“That’s why our positive plans will continue to roll out. You’re continuing to see some of that benefit. Any Labor Prime Minister will always prioritise jobs.”

Originally published as Anthony Albanese says cost-of-living relief will be a main priority of his government in 2024