Angus Taylor (Hume, Liberal Party, Shadow Treasurer) Share this | Link to this | Hansard source

My question is to the Prime Minister. Under this Prime Minister, interest rates have increased at the fastest rate since the Reserve Bank began targeting inflation. By how much does the current inflation rate exceed the RBA's target?

Anthony Albanese (Grayndler, Australian Labor Party, Prime Minister) Share this | Link to this | Hansard source

I'll begin, and then I'll give the Treasurer a crack, because he deserves a go. I lead a cabinet government in the best traditions of the great Bob Hawke, and that's why we have ministers: so they can do their job.

Angus Taylor (Hume, Liberal Party, Shadow Treasurer) Share this | Link to this | Hansard source

What's the answer, Albo?

Milton Dick (Speaker) Share this | Link to this | Hansard source

The member for Hume has asked his question.

Anthony Albanese (Grayndler, Australian Labor Party, Prime Minister) Share this | Link to this | Hansard source

Our plan to deal with the inflation challenge within the economy is relief, repair, restraint: providing responsible cost-of-living relief; repairing our broken supply chains, which have been made worse by their actions opposite; but also—

Opposition members interjecting—

Come on!

Milton Dick (Speaker) Share this | Link to this | Hansard source

The Prime Minister will pause, and he's 45 seconds into his answer.

Resume your seat. No, there's no point of order.

Anthony Albanese (Grayndler, Australian Labor Party, Prime Minister) Share this | Link to this | Hansard source

Thanks, Mr Speaker—and, of course, showing spending restraint in the economy. I pay tribute to the Treasurer and the finance minister in the other place, who do such a fantastic job of making sure that we put together a responsible budget last October and there'll be another one in May. I ask the Treasurer to add.

Jim Chalmers (Rankin, Australian Labor Party, Treasurer) Share this | Link to this | Hansard source

I think if the shadow Treasurer needs us to tell him the inflation rate of 7.8 per cent and the target rate of 2.3 per cent then we've got even bigger problems than we thought. Old mate over here needs the most simple concepts explained to him very slowly. And that's what we're happy to do over and over again. The reason why the member for Hume didn't ask me this question is that he knows that last week I was tuning in, as I always do, watching Kieran Gilbert on Sky interviewing the shadow Treasurer, and he was asked by Kieran Gilbert on Sky last Tuesday—Kieran pointed out to him, as we have from time to time, that interest rates started going up on their watch. We've also pointed out that interest rates were more than twice what they are now when the Leader of the Opposition was the Assistant Treasurer. But I was watching Kieran talk to the member for Hume last Tuesday, and Kieran said, 'But you did see interest rates go up on your watch,' and the member for Hume said, 'Well, you saw a 0.1 per cent increase in May.' The only problem with that is that it's completely and absolutely wrong. Apart from that fact that he got wrong, the rest of it was right! He was asked about May. In May, when those opposite were in office, interest rates went up by 25 basis points. I think everybody on this side of the House understands that. The shadow Treasurer does not have a clue. He does not have a clue, and that's why he doesn't ask me the question, because he knows I'm watching Kieran Gilbert talking to the member for Hume and he knows that the member for Hume dropped an absolute clanger on Kieran's show last week. The shadow Treasurer of this country, the guy that wants to be the Treasurer of this country, doesn't even know how much interest rates— (Time expired)

Honourab le members interjecting—

Milton Dick (Speaker) Share this | Link to this | Hansard source

Minister for Home Affairs, I can hear every word from you. You don't need to yell that out. When the House comes to order and there is complete silence, I'll hear from the member for Macarthur.