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

I thank the member for her question, because the Rudd government has set about modernising the economy, increasing its capacity so it can meet the challenges that lie ahead, including international turbulence. Despite the welcome job figures today, the economy is shackled by very poor productivity performance. It is also shackled by high inflation. But of course all of those over there are in denial. If you cannot acknowledge the size of a problem, you cannot be part of the solution. The member for Wentworth wants to stick his head in the sand. It is a dangerous and very risky attitude. Do you want to know why? Because it has produced eight interest rate rises in a row, and that has put Australian families under tremendous financial pressure.

We on this side of the House acknowledge the enormity of the challenge. We have put up our hand to tackle it, and we are working very hard at it. But those on the other side of the House will not acknowledge the problem. The member for Wentworth disagrees with the Australian Bureau of Statistics. He disagrees with the fact that their inflation figure is so high. He disagrees with the RBA when they have their measurements of underlying inflation. He disagrees with the Treasury when it analyses the reckless spending spree that the previous government went on. He disagrees with the Business Council of Australia when it comes to their criticisms of the previous government’s failure to invest. And, of course, he disagrees with the Australian Industry Group as well. Everyone else is wrong, and the only person right about these basic economic facts is the member for Wentworth. Everybody else is wrong. His uncontrollable arrogance is a risky thing for this country—to have such an irresponsible opposition, in denial about the basic facts of economics. We on this side of the House take our responsibilities very, very seriously, and we will put in place a modern agenda to drive productivity, to bring down inflation, to create wealth and to create jobs.

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