‘Inflation is going up’: Australians are ‘going to become poorer’ says Barnaby Joyce

Shadow Veterans Affairs Minister Barnaby Joyce says Australians are “going to become poorer” because the inflation rate is “going up”.

Australia’s inflation rate rose from 3.6 per cent to 4 per cent in May.

Markets are now predicting a 67 per cent chance of a rate hike in August.

“One of the big drivers of inflation was power – I think it was 6.3 per cent for the period analysed,” Mr Joyce told Sky News Australia.

“The power price is going through the roof, the reliability is going through the floor, your inflation rate is going up and, watch out because you’re ... going to become poorer.”

‘Inflation is going up’: Australians are ‘going to become poorer’ says Barnaby Joyce