We inherited inflation running at a 16-year high. Is that incorrect? That is fact No. 1. There is no dispute from those opposite. Fact No. 2: when our government was elected, interest rates had risen 10 times in a row and were the second highest in the developed world. That is fact No. 2. Any dispute? Fact No. 3: productivity growth is running at its lowest level in 15 years and, as the Treasurer said in parliament today, it has now ground down to zero. That is fact No. 3.