Kevin Rudd (Griffith, Australian Labor Party, Prime Minister) Share this | Hansard source

To further my answer to the question, if you look at the measures, therefore, which deal effectively with the housing challenge facing working families, No. 1 is dealing with the inflation challenge. Let us actually look at the logic here. If you allow inflation to become uncontrolled in the economy, if you allow inflationary pressures to rise without acting on them, what happens is that upwards pressure occurs on interest rates, and then interest rates go up and then you squeeze people out of the housing market. There were 10 interest rate rises in a row—the world’s second highest interest rates, when we assumed office, as far as the developed economies are concerned—and then on top of that inflation was running at 16-year—

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