Posted on: 07 June 2022
The Malinauskas Labor Government’s failure to prepare for surges in cost of living means South Australians will be forced to bear the brunt of increases that will stretch household budgets to the max.
The Opposition welcomes Labor’s decision to implement the former Liberal Government’s plan to cut $100 from school costs – but it falls well short of adequate support needed to combat the cost of living crisis.
Since interest rates jumped last month – and following today’s 0.50% increase in the cash rate – the impact to be felt by South Australians with an average mortgage of $420,000 is:
- $136 mortgage payment increase per month.
Since January 2022, motorists are already paying an extra $700 per year for fuel.
Electricity is tipped to surge by $1000 per household per year. These increases combined mean South Australians could be forced to find an extra $278 per month.
Shadow Treasurer Matt Cowdrey said Labor has failed South Australians.
“It is shocking that Peter Malinauskas did not see the cost of living elephant in the room,” Mr Cowdrey said.
“Was Peter Malinauskas’ beginner’s Budget so tight there wasn’t a cent left over to support South Australians with cost of living relief?
“Or did Peter Malinauskas not think cost of living was going to be an issue from his ivory tower?
“There must be urgent action now for cost of living support. Other Governments across the country have announced a range of initiatives while South Australians have been left in the lurch to cover costs all by themselves.”