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

In response to the honourable member’s question, it is important that the banks act to pass on interest rate cuts to the maximum number of customers using the maximum range of credit instruments. That is absolutely the case. The honourable member should reflect on the historical record of the credit card rates during the period his own party was in office. But, then again, the facts can be very discomforting.

This government, as the Treasurer has just indicated, welcomes the statement by the Reserve Bank. It represents a significant further easing in monetary policy. As the Treasurer has just indicated to the House, what we have now is monetary policy and fiscal policy acting in order to stimulate the economy. The government’s policy and the nation’s policy is clear: we are confronting a global financial crisis that is becoming a global economic crisis and this government is determined to act ahead of the curve and to act in partnership with monetary policy to do everything within our power to support growth, families and jobs into the future. That is our policy; what is yours?

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