Wayne Swan (Lilley, Australian Labor Party, Treasurer) Share this | Hansard source

In November 2006 this is the advice that was tendered to the member for Higgins. Treasury said:

… there is a real risk that significant spending will add to inflationary pressures.

At that time the Howard government were only proposing an additional spend of $13 billion. They went on to spend an additional $40 billion. They completely ignored all of the advice. They put their foot on the accelerator precisely at the time that there should have been some restraint. That is what these minutes show, but of course this does not appear anywhere in the memoirs of the member for Higgins. The consequence of this was another four interest rate rises and inflation at 16-year highs.

As we were saying yesterday, when this spendathon was going on, where were the priorities of the Liberal Party? Were they with pensioners?

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