House debates Questions without Notice
Interest Rates
Kim Beazley Brand, Australian Labor Party, Leader of the Opposition
2:16 pm
My question is to the Prime Minister and follows the one that he previously answered from this side of the House. Can the Prime Minister confirm he said yesterday:
... inflation by historic standards is still extremely low, so are interest rates.
Can the Prime Minister confirm the ‘historic standards’ he was referring to was when inflation hit double digits and interest rates hit 22 per cent when he was Treasurer in 1982?
John Howard Bennelong, Liberal Party, Prime Minister
I do stand by what I said yesterday. When the Leader of the Opposition was a member of a government, interest rates for housing hit 17 per cent. I cannot remember when interest rates for housing went higher than 17 per cent.
Kim Beazley Brand, Australian Labor Party, Leader of the Opposition
Mr Beazley interjecting
David Hawker Speaker
Order! The Leader of the Opposition has asked his question.
John Howard Bennelong, Liberal Party, Prime Minister
It is also the case that since this government has been in office both inflation and interest rates have, by historic standards, been low and they will remain so. The Australian people know that interest rates and, might I say, inflation will always be lower under a coalition government than a Labor government.