My question is addressed to the Treasurer. I refer again to the statement issued today by the Governor of the Reserve Bank, which stated, ‘Inflation is likely to remain relatively high in the short term.’ I ask the Treasurer: with inflation expected to reach five per cent at the same time the economy is slowing, does he now regret his intemperate remark that ‘the inflation genie is out of the bottle’, which he made when inflation was at three per cent?