Stephen Conroy (Victoria, Australian Labor Party, Deputy Leader of the Government in the Senate) Share this | Hansard source

The Reserve Bank’s decision to cut interest rates by 25 basis points will be applauded by working families doing it tough. This is the decision working families deserved. The official rate cut will put more than $500 a year back into the wallets of families with an average mortgage, right across Australia. That is why it is so important that those in this chamber who are considering blocking the budgetary measures give this serious consideration and seriously reconsider their position. This is about the budget surplus, the underlying strength and the recognition that there is a government in charge that is facing up to these challenges because of the global economic uncertainty overseas, as again demonstrated today and as my colleague has already referred to. These measures contained in the budget are absolutely critical to maintaining the downward pressure on interest rates and inflation.

Those opposite choose to simply say, ‘Well, we can spend it on this; we can spend it on that,’ and suddenly come up with a whole grab bag of cheap and populist issues without trying to explain the consequences of their actions—without wanting to accept responsibility for irresponsibly reducing the surplus and putting pressure back on interest rates. Working families deserve that interest rate cut. Those opposite continue to completely and utterly mislead Australians because they are intent on playing cheap politics for their own benefit. The Australian public will see through you—