Malcolm Turnbull (Wentworth, Liberal Party, Shadow Treasurer) Share this | Hansard source

Australians are pleased to see a cut in interest rates today. But the question we are all asking ourselves is, ‘What was the price?’ The truth is that the price that has been paid is a slowing economy and thousands of jobs being lost—truly the slowdown we had to have. We must compare the track record of this incompetent government over its nine months in office with the 11½ years of economic management from John Howard’s government with Peter Costello as Treasurer. During that time we had strong economic growth and inflation was managed on average between two per cent and three per cent in accordance with the Reserve Bank’s inflation-targeting guidelines. Employment rose and unemployment fell to record lows and workforce participation increased. All of those economic indicators were strong and sustained. When the new government came in we were told that it was going to fight inflation. It said it wanted to put downward pressure on inflation. I see the Assistant Treasurer is here. Of course, the Treasurer does not deign to attend these debates. No, he is far too important. We would prefer to have the organ grinder.

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