Wayne Swan (Lilley, Australian Labor Party, Treasurer) Share this | Hansard source

What we have not had from the member for Wentworth is serious economic analysis. There has been none at all. There are two things he does not really comprehend. The statement on monetary policy which came out from the Reserve Bank earlier this week was very grim news. Of course, if you are going to deal with it, you have to understand its causes. The parting gift from the Liberal Party of Australia and the former Treasurer to the Australian people was this elevated level of inflation—an elevated level of inflation over and above the target band, headline and underlying, for the next two years.

What we get is a redefinition of the figures. What he has been doing out there for the last couple of weeks is somehow trying to redefine away the problem so you cannot be held responsible for your complacency and for your neglect over the last couple of years. That is what is at stake in this debate. This government has put together a comprehensive plan to deal with inflation: a five-point plan, the type of plan that the Liberal Party could not put together at any stage of the last three years.

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