“Confidence is collapsing as the Albanese government is running down the economy and has missed the boat on fuel leaving Australians and small businesses vulnerable to international shocks”, said Shadow Treasurer, Tim Wilson today.

Mr Wilson’s comments follow the release of the Westpac-Melbourne Institute Consumer Sentiment Index that has shown a crash in consumer sentiment down 12.5 per cent to 80.1, its biggest monthly fall since COVID; and NAB's business confidence data that has collapsed 29 points to -29, the second largest monthly drop in the survey's history. Separately, the ANZ-Roy Morgan measure sits at its fourth lowest level since records began in 1973.

“This is three thumbs down on Labor’s inflation and fuel crisis response”, Mr Wilson said.

“This collapse in consumer and business confidence is not abstract, they are a verdict on the Albanese government’s active inflation agenda, and preparation to withstand international events”.

“Labor has missed the boat on every test from whether pouring debt through spending onto the inflation fire would keep it burning, to claiming wages were moving ahead and are now overtaken by inflation”.

“So far the Albanese government’s only response is to pour more debt petrol on the inflation fire thinking they’ll get a different result”.

“This is the economy Labor has built leaving us vulnerable, with small business and households going backward”.

“With only weeks until the Federal Budget, Labor needs to change course or Australian small businesses and households will continue to be burned by their inflation fire”, Mr Wilson said.

“Labor needs to be honest with the Australian people and take them into their trust – so far the Albanese government has been happy to burn households and small business and they’ve sent a clear ‘thumbs down’ in confidence data”, Mr Wilson said.

ENDS.