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

I thank the member for his question. No, I do not accept that at all. I absolutely do not accept that. We have a plan to modernise this economy. We have a plan to deal with the legacy that was left to this government by the previous government—the highest inflation in 16 years. Inflation just did not suddenly commence at 9 am on 26 November, as the member opposite would pretend. There is an inflationary problem in this country and, when we see a problem, we have to correctly identify that problem and we have to deal with it, and that is what this government has been doing. We have been dealing with the inflationary problem left to us by those opposite by putting in place our five-point plan, by reining in reckless expenditure. We had the report from the Treasury the other day which identified the fastest increase in spending in any four years in the past 16 years. Of course, the member for Wentworth, as usual, went into denial. The member for Wentworth is in denial about the inflation rate. He cannot agree with the ABS. He cannot agree with the RBA.

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