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

Members opposite laugh again at the impact of 10 interest rate rises in a row. I would say that $400 a month—Costello’s $400 a month interest rate hike for working families—is no laughing matter, other than for the Liberal Party. Through the budget we have also sought to honour our pre-election commitments on tax. The taxation reductions that we brought about through the budget, totalling some $44 billion, are designed to assist families under pressure. Added to that are the additional family support payments—I refer to the childcare tax rebate—and also the education tax refund, which parents are requested to begin collecting receipts for this year so that claim-back can occur from 1 July next year. These are significant initiatives, together with the $7.5 billion that we have allocated for additional payments for pensioners and carers.

The Leader of the Opposition asked a question about the setting of interest rates. The Reserve Bank independently does that, consistent with the economic policy settings of the government of the day through fiscal policy. That is why we have acted responsibly in that direction. I again return the Leader of the Opposition to his extraordinary statement on the doors today. How could he go out on the doors and—presumably trying to make a big headline for himself tomorrow—call for a 50 basis point adjustment and then, in answer to the first question, ‘If you were Prime Minister, would you make that call on the government?’ say no?

See this speech in context