Nola Marino (Forrest, Liberal Party) Share this | Link to this | Hansard source

My question is to the Prime Minister. Why has household wealth declined by more than five per cent since the election of the Rudd government?

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

It is pretty interesting when it comes to the use of economic data by those opposite. I am reflecting on the question which was asked just before about wage growth. I am just talking to Business indicators, Australia

Opposition Members:

Opposition members interjecting—

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

whether you are interested in this or not. Wages and salaries grew by 2.3 per cent in the June quarter. I thought they said something that was the reverse. Let us reflect carefully on the data which has put forth by those opposite.

Peter Dutton (Dickson, Liberal Party, Shadow Minister for Finance, Competition Policy and Deregulation) Share this | Link to this | Hansard source

Mr Speaker, I rise on a point of order going to relevance. He is answering the last question. Could he come to this question?

Harry Jenkins (Speaker) Share this | Link to this | Hansard source

The member for Dickson will resume his seat. The Prime Minister is responding to the question.

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

So, consistent with reflections made by various members of the frontbench on questions posed by those opposite, we will always examine in due course the statistical underpinnings of the propositions being put at their dispatch box. I draw attention to one such inconsistency. On the question which has just been put, if you face what we have had in recent times—a global economic meltdown which has impacted on global stock exchanges and which, in turn, has impacted on the investments of shareholders—that obviously impacts on calculations of wealth.

Opposition Members:

Opposition members interjecting—

Harry Jenkins (Speaker) Share this | Link to this | Hansard source

Order! The question has been asked.

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

That follows as night follows day. If you look across the global economy, you see stock markets across the world with very large corrections heading south, whether it is in the United States, the United Kingdom or continental Europe. The flow-through impact that has on individuals’ overall wealth calculations is therefore automatic.

The key question is: what is a credible strategy for the future? The credible strategy which this government advances is: (1) responsible economic management; (2) investing in long-term productivity growth; (3) ensuring that you have a plan for nation building, because that is essential to deal with long-term constraints on growth; and (4) that you assist also with the cost of living pressures being faced by working families—

Nola Marino (Forrest, Liberal Party) Share this | Link to this | Hansard source

Mr Speaker, I rise on a point of order that goes to relevance. I just wonder whether the Prime Minister would like me to read my question again.

Harry Jenkins (Speaker) Share this | Link to this | Hansard source

I am listening very carefully to the Prime Minister and he is responding to the question.

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

Therefore, the critical thing is that you have an economic strategy for the future, given the constraints which we inherited from the international economy, the challenges which we inherited from the domestic economy and the roll-through impact—the member for Forrest laughed to herself at the impact—of 10 interest rate rises in a row or Costello’s $400 a month interest rate hike for working families across Australia. If you want to know what impacts on overall wealth and overall prosperity for Australian families, think very carefully about the cumulative impact of the interest rate regime prosecuted by those opposite: 10 interest rate rises in a row—a $400 interest rate hike per month imposed on working families.

I would suggest that those opposite get with the government’s economic agenda being proposed in the Senate and act responsibly with us in building long-term national infrastructure; hence our proposal that we put forward in the parliament today. Get with us on the challenge to boost long-term productivity growth and get out of the way in the Senate of a responsible budget surplus which provides this nation with a buffer for dealing with critical economic challenges which lie ahead.