Shadow Treasurer Angus Taylor says Prime Minister Anthony Albanese has been “distracted” as his focus has been away from the cost of living crisis.

“He hasn’t been taking this seriously – he’s been asleep at the wheel,” he told Sky News Australia.

Mr Taylor said taking pressure off inflation is the answer to a cost of living crisis – which Australia is currently facing.

“But this is not a prime minister who’s been interested in that or focused on it,” he said.

“He’s been distracted. He’s been asleep at the wheel.

“This Prime Minister has failed.”