Warren Truss (Wide Bay, National Party, Shadow Minister for Infrastructure and Transport and Local Government) Share this | Link to this | Hansard source

My question is to the Prime Minister. I refer the Prime Minister to his recent announcement of ‘grocery watch’. In the first quarter of this year, the price of vegetables has increased by 2.9 per cent, the price of bread has increased by four per cent, the price of eggs has increased by 5.2 per cent and the price of electricity has increased by six per cent. Prime Minister, how will watching grocery prices bring them down?

Kevin Rudd (Griffith, Australian Labor Party, Prime Minister) Share this | Link to this | Hansard source

One of the things which has had an impact on consumer prices across the country is 10 interest rate rises in a row. If you have 10 interest rate rises in a row from a party in government which said that they would keep interest rates at—

Government Members:

Government membersRecord lows!

Kevin Rudd (Griffith, Australian Labor Party, Prime Minister) Share this | Link to this | Hansard source

What did they say they would keep interest rates at?

Government Members:

Government membersRecord lows!

Kevin Rudd (Griffith, Australian Labor Party, Prime Minister) Share this | Link to this | Hansard source

Did they honour that commitment?

Government Members:

Government membersNo!

Kevin Rudd (Griffith, Australian Labor Party, Prime Minister) Share this | Link to this | Hansard source

No, they did not. I say to those opposite that, when it comes to making commitments like that on interest rates, you should hang your heads in collective shame. That was part and parcel of the collective strategy of those opposite to seek to win the 2004 election. Those opposite stand condemned for their inaction.