Lindsay Tanner (Melbourne, Australian Labor Party, Minister for Finance and Deregulation) Share this | Hansard source

If you would like some assistance on the question of the significance of these matters with respect to inflation, I would draw your attention to the fact that the Reserve Bank, over a period of three or four years, on no less than 20 occasions warned the former Howard government about the inadequate investment in infrastructure in Australia. It warned the former government that it was failing to provide for appropriate investment in infrastructure, thereby leading to serious capacity constraints, and with substantial increases in money coming into the Australian economy as a result of the mining boom this was generating serious, substantial inflationary pressures. Investing in infrastructure, whether it be by state governments or the national government, is crucial to the long-term economic future of this country. I applaud the state governments for picking up their responsibilities. This government is also picking up its responsibilities in investing in infrastructure after 12 years of complete neglect.

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