Labor’s Spin vs Reality

With little genuine achievement to flex about, this Labor government leans heavily on spin. Let’s strip that away and focus on the facts.

Inflation

The spin:

"We inherited an inflation rate that had a 6 in front of it and was going up. Now it's got a 2 in front of it, and it's going down."

The reality: Labor inherited an inflation rate that had a 6 in front of it when inflation in Europe and the US had an 8 in front of it. So, 6 is pretty good actually.
Inflation continued to surge globally in the wake of the Russian-Ukrainian conflict but has since eased.

Interest rates

The spin:

"interest rates are falling"

The reality: Interest rates surged after Labor took office and have only eased slightly.

Unemployment

The spin:

"Unemployment remains low"

The reality: Unemployment has risen steadily since Labor took office.

Real Wages

The spin:

"Strongest annual real wages growth in five years"

The reality: Real wages is Wages (WPI) minus inflation (CPI). Wages have barely moved. Real wages are only rising because inflation has fallen. And that’s not Labor’s doing—it’s a global trend following the Russia–Ukraine spike. If anyone deserves credit for our "real wage growth", it’s Putin.

Also, if wages are constant, you can’t flex about both lower inflation and higher real wages. They're the same thing.

Summary:

• Labor inherited an inflation rate that was significantly lower than most other countries.
• Interest rates are still high.
• Unemployment has risen steadily since Labor took office.
• Wages have been flatlining.