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

This country does face serious challenges—the highest underlying inflation in 16 years, and predicted by the Reserve Bank to stay there for two years. This government will not stick its head in the sand like those opposite. We had the member for Wentworth some weeks ago say that inflation was a fairy story. Tell that to the people who have had eight interest rate rises in the last three years. It is not a fairy story. Last year we had the member for Wentworth say that interest rate rises had been overdramatised. He does not have a clue about what life is like around the kitchen table—because inflation is the enemy of working Australians; it erodes their savings and it erodes their living standards.

This government has put its hand up from day one to tackle the inflation challenge that was left to us by the member for Wentworth and the member for Higgins. The member for Higgins said in July last year that inflation was right where he wanted it. Well, heaven help us if inflation was right where he wanted it. It was at a near 16-year high, as it turns out, when he made that statement. So we have put up our hand to accept responsibility. Everyone on this side of the House accepts responsibility for dealing with the inflation legacy left to us by those opposite. We have put up our hand to accept responsibility; why won’t they just put up their hand and accept responsibility for creating it?

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