Richard Marles (Corio, Australian Labor Party) Share this | Hansard source

You can shake your head, but the fact of the matter is that those warnings were there and the Liberal Party ignored them. In fact, the way you in the Liberal Party, in government and in opposition, have gone about things on this issue is very much akin to an ostrich. You have found the nearest sandpit and you have plunged your head straight into it. When it comes to whether or not there is an inflationary issue, that is what you have done. You have found the nearest sandpit and you have plunged your head straight into it. You even have the Leader of the Opposition saying that the Rudd government has inherited a first-class economy. He said that despite the highest underlying rate of inflation for 16 years and despite 12 interest rate rises in a row. As I said before, you have the member for Wentworth saying that inflation is nothing but a fairy story and, of course, you have the former Treasurer, the member for Higgins, saying that inflation was right where they wanted it.

Of course, we have had comments now—and there have been comments previously from the Liberal Party—that there have been intemperate statements made by those of us on this side of the House about the economy. Well, here is the fact of the matter about what statements have been made and whether they are temperate or intemperate statements. What the market needs to know is that there is a government running this country which understands the problems that this country faces. So acknowledging that there is an inflationary problem is not talking the issue of inflation up; it is actually acknowledging that there is a problem and then coming up with a plan to deal with it.

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