My question is to the Prime Minister. Respected independent economist Chris Richardson has said the RBA 'is sending up a distress signal' to the government, warning it can't do the job of reducing inflation on its own. Under Labor, inflation is at a 33-year high. Interest rates have gone up eight times in eight meetings of the Reserve Bank. Every decision Labor has made has increased inflation and pushed interest rates higher than they need to be. Prime Minister, is this why interest rates are always higher under Labor?

They were higher under Howard. When you were the Assistant Treasurer, they were higher.

The Treasurer will cease interjecting or be warned.

Last Friday I was listened to RN, and the New South Wales Treasurer said: 'Inflation has peaked this year. There are significant headwinds being caused by the war in Ukraine which are driving up the price of coal and gas, and that is feeding through to electricity prices. This is a global issue, and all reserve banks are fighting inflation.' Indeed, the Reserve Bank is fighting inflation, and it says that our action is actually assisting it in doing this. That's why 99 per cent of the revenue gains were returned to the bottom line, making a positive difference.

Order! The member Hume and the Treasurer will cease interjecting.

Those opposite seem to be shocked by the fact that, during a recession that occurred under their watch, what central banks did, not just in Australia but around the world, was lower interest rates in order to stimulate demand in the economy. That's what occurred under their watch. But they seem oblivious to any of that. They seem oblivious to the fact the interest rates were higher when John Howard was in government and when the person who asked the question actually occupied a position as Assistant Treasurer. I don't blame him personally for the fact that interest rates were higher when he was Assistant Treasurer than what they are now, but that is an actual fact and should be cause for some reflection from the Leader of the Opposition.