Australians are not struggling by accident.

When governments spend beyond their means, bond markets demand higher yields and that’s exactly what we’re seeing, with the AU 10-year yield near historically elevated levels. Higher yields mean more expensive borrowing for all. SAFA is now refinancing at ~92% borrowing cost relative to federal equivalents, which directly translates into higher interest bills for state budgets! More expensive borrowing costs means higher taxes, higher rates and a cost-of-living crisis that falls on everyday Australians.

Albanese in Canberra and Malinauskas in South Australia have treated the public purse like a bottomless account and now families like ours are paying the price.