Steve Hutchins (NSW, Australian Labor Party) Share this | Link to this | Hansard source

My question is to Senator Conroy, the Minister representing the Treasurer. Can the minister update the Senate on the importance of responsible economic management and any recent warnings about the long-term impacts of irresponsible, short-term policies on inflation and interest rates?

Stephen Conroy (Victoria, Australian Labor Party, Deputy Leader of the Government in the Senate) Share this | Link to 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—

Michael Ronaldson (Victoria, Liberal Party, Shadow Special Minister of State) Share this | Link to this | Hansard source

Senator Ronaldson interjecting—

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

Just like you, Senator Ronaldson—through you, Mr President—some of those opposite were named this morning as being the ringleaders of the Malcolm Turnbull camp. Some of those in this chamber were named. Some of them might be wearing red ties today, and some of them might sit on the opposition front bench. But, unlike those on that side of the chamber, we are focused on doing what is best for Australian families—and what is best for Australian families is delivering a budget surplus and delivering the capacity for the Reserve Bank to act. We are going to continue to bowl up those measures to ensure that we have got absolute maximum effort by this government on the fiscal side of the equation—unlike those opposite, who were exposed last week by information released to the Financial Review which demonstrated that the International Monetary Fund had absolutely pointed the finger at those opposite, including ‘Doctor Yes’ over there, the former Minister for Finance and Administration. What were you doing on the job? How did you collect your pay each week? The finance minister in this government spends his time saying no to everybody—unlike the finance minister in the previous government, who just rolled over and rolled over and rolled over; their budget was completely out of control. Their budget was completely out of control—growth of government expenditure stood at four per cent, outspending the Whitlam government.

Bill Heffernan (NSW, Liberal Party) Share this | Link to this | Hansard source

Mr President, I rise on a point of order. Is there any need to yell, Senator Conroy?

John Hogg (President) Share this | Link to this | Hansard source

There is no point of order.

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

So those opposite spent their time being the highest taxing government in Australian history. They spent their time increasing government expenditure. (Time expired)