Energy bill relief, tax cuts to begin

The Coalition has accused the federal government of not doing enough to resolve the cost of living crisis as Australians now face the future possibility of rate rises. We'll go to Canberra and our political reporter Claudia Vigoljak. Claudia, good afternoon. The opposition certainly targeting what it sees as a weakness. Good afternoon, Davina. And while the Prime Minister admits more needs to be done, Anthony Albanese insists his government is tackling the inflation challenge while still providing relief for struggling Australians. New Treasury data out this afternoon shows the average full time wage is now more than $98,000 a year. And from Monday, those workers will get more money back into their pockets through Stage 3 tax cuts. Energy bills will also be reduced for every household. The PM adamant these measures will take pressure off households without adding to inflation. But with that monthly figure jumping to 4% in May, that will help dictate the quarterly figure in July before the Reserve Bank meets next. And mortgage holders now face the prospect of interest rates staying higher for longer. The opposition seizing on those concerns, claiming hope is running out for families. The reality is for Australian households now, there's no light at the end of the tunnel. There is no light at the end of the tunnel. What we have done is to make sure that our measures to provide that cost of living support are designed in a way that they will continue to put that downward pressure on inflation. As many families continue to fill the financial squeeze, those with a home are getting richer. New data from the Bureau of Statistics out earlier today reveals household wealth increased by $431 billion in the March quarter. Rising house prices driving that growth, Davina. OK, Claudia, thank you.