Craig Emerson (Rankin, Australian Labor Party, Minister Assisting the Finance Minister on Deregulation) Share this | Hansard source

at record lows. But they went up and up and up. As a consequence of that, we have these inflationary pressures. If you want an endorsement of this government’s fiscal policies, of our responsible economic policy, you need go no further than the OECD. In a report released a little while ago in relation to the budget, the OECD said that the stabilising role that fiscal policy should play is welcome. The OECD welcomes it, but not the member opposite, not the shadow Treasurer, not the opposition leader—he does not welcome it. In relation to budget policy, the report concludes that fiscal policy is slightly restrictive—that is, it is working to reduce the pressure on inflation and therefore on interest rates.

What does the shadow Treasurer say in relation to the budget? He said that it is inflationary. So you have got the shadow Treasurer saying that it is inflationary, that it is an expansionary budget and that it has got too much spending, and you have got the OECD saying quite the opposite. The shadow Treasurer does not know what he is talking about and the Deputy Leader of the Opposition does not know what she is talking about. They are all engaged in this Mad Hatter’s tea party.

I notice the website of the shadow Treasurer. I had a good look through that website. I looked and looked and I rang my office and we looked and looked. We were looking for a link to the budget reply from the opposition leader. Where is Brendan? I could not find any reference. They have no regard to responsible economic policy in this country, no regard whatsoever.

This is a government that is working to bring down inflation and therefore to bring downward pressure on interest rates. We are doing it through a responsible fiscal policy. You are off on your Mad Hatter’s tea party with the March Hare and the Dormouse and Alice and the Mad Hatter. They are all sitting over there having their never-ending tea party. Why don’t you get on board and get your grubby hands off the surplus! That is what you are doing—irresponsibly raiding the surplus. If you cannot cooperate in getting good economic policy implemented in Australia then get out of the road and let us get on and govern this country and invest in Australia’s future by creating a strong economy, a modern economy, to meet the challenges of the 21st century.

See this speech in context