Sold a dummy: The high cost of life under Albo

Petrol, rents, interest rates, energy bills and grocery costs are all up, despite the PM’s pledges Labor would lower the cost of living. He’s accused of being too ‘obsessed’ with the Voice to pay attention to family budgets.

The high cost of living under Albo: Petrol prices up, grocery prices up, interest rates up, rents up and energy bills up. Pictures: Supplied/News Corp

Australians are being slammed by cost of living increases on virtually every front, with Federal Opposition Leader Peter Dutton accusing the government of being too “obsessed” with passing the Voice to parliament to pay attention to family budgets.

On March 17, 2022, Mr Albanese tweeted that “Labor has a plan for cheaper child care, cheaper power bills and more secure, well-paid jobs”, along with a graphic stating: “The cost of everything is going up. A Labor government will lower the cost of living.”

However a Daily Telegraph analysis has revealed that Sydney and NSW households have had little relief since then, with the cost of food, power, and housing all heading north.

On the week Mr Albanese tweeted, the cost of regular unleaded petrol in NSW sat at an average of $1.81 per litre, with diesel costing around $1.82.

This week, NRMA figures reveal that the average petrol price has jumped to $2.05, with drivers of diesel vehicles being slugged $2.23, largely due to global pressures and a weak Australian dollar.

A Twitter (now X) post from 23 November 2021 by Anthony Albanese criticising then-PM Scott Morrison’s government over petrol prices. Photo: Twitter

The cost of housing has also skyrocketed, with rising interest rates lifting the average NSW mortgage repayment from $3,206 a month to $4,780 as of August.

Renters, too have been hit hard, with some LGAs seeing increases of more than one-third in the cost to lease a house or unit since last March.

A November 2021 post from Anthony Albanese.

In March, 2022, Anthony Albanese tweeted that a Labor government would lower the cost of living.

Power bills have also soared, while this masthead’s regular analysis of grocery costs has more than reflected the 7.5 per cent annual food inflation rate.

The cost of childcare, which has been a pain point for many families under both Coalition and Labor governments, have continued to soar amid concerns that increased government subsidies are encouraging providers to increase prices.

“Be it fuel, groceries, mortgages, electricity prices, gas prices, insurance premiums – everything is going up under Mr Albanese,” Mr Dutton said.

“Mr Albanese has been so obsessed with his Canberra Voice and with the elites and with the big corporates in the last 16 months that he’s ignored the difficult cost of living pressures facing Australian families.

“The situation is dire out there for many Australians struggling to make ends meet.”

NRMA spokesman Peter Khoury said “this year is way more expensive than last year” when it came to petrol prices, but said there could be some short term relief for drivers as wholesale petrol costs came down.

“But now you have supply problems and significant cuts to production” by Saudi Arabia and OPEC, which would see prices remain high.

Independent economist Saul Eslake said that Australia had been experiencing inflation along with “most other developed countries except Japan,” and said that the number of households drawing down their savings from Covid and which remain on fixed mortgages have kept the economy running hot.

However, he added that as savings ran out and mortgages moved to variable rates, “the economy would cool further.”

“We are already seeing negative GDP growth per person, and if it wasn’t for our huge population growth keeping things afloat people would be talking about recession.”

A government spokesperson said, “the Government’s number one priority is to help take the pressure off Australians doing it tough.”

“That’s why our policies are targeted at providing relief where it counts.”

“In the last fortnight, 5.5 million Australians saw an increase to their income support payments and pensions (as part of) our $14.6 billion cost of living package.”

Originally published as Sold a dummy: The high cost of life under Albo