Angus Taylor Hume, Liberal Party, Shadow Treasurer
2:18 pm
Core inflation in Australia is high, and it is rising. It is higher than the UK, Canada, New Zealand, the Euro area, the US, Switzerland, Sweden and Norway. In stark contrast to Australia, in all of these economies, core inflation is actually falling. Isn't this another example of this Prime Minister's weak leadership letting Australians down?
Unidentified interjection - Hansard doesn't record who said this
Government Members:
Government members interjecting—
Jim Chalmers Rankin, Australian Labor Party, Treasurer
If core inflation were going up—
Milton Dick Speaker
Order. The Treasurer will cease interjecting as well.
Rick Wilson O'Connor, Liberal Party, Shadow Assistant Minister for Trade
It has got a '4' in front of it.
Milton Dick Speaker
The member for O'Connor, I just said for everyone to cease interjecting. You're warned. The Prime Minister has the call.
Anthony Albanese Grayndler, Australian Labor Party, Prime Minister
2:19 pm
Some parts of the premise of that question, once again consistent with the shadow Treasurer, are simply wrong. The fact is that we inherited an inflation rate with a six in front of it. The measures—
Milton Dick Speaker
Order! The member for Deakin has now been interjecting 10 times, so I will give him one last chance. I'm trying to fix behaviour here, so the member for Deakin won't be interjecting anymore during this answer or any other answers, or he'll be warned.
Anthony Albanese Grayndler, Australian Labor Party, Prime Minister
The fact is that inflation is lower than what we inherited. The fact is that the measures that we have put in place that have put downward pressure on inflation, such as energy price relief, have had a substantial impact on helping to drive down that inflation. Michele Bullock, the RBA governor, was asked: how is Australia's experience in regard to core inflation since the beginning of this year different or the same to that which has been observed in the US, Canada or the European area? This is what the RBA governor had to say: 'It's a very similar experience.' She went on to say: 'If you look at core inflation and services inflation, in particular, overseas, the experience there is very similar to here.' She went on to say this—
Angus Taylor Hume, Liberal Party, Shadow Treasurer
It's higher here, Albo!
Angus Taylor Hume, Liberal Party, Shadow Treasurer
Yes, but he's not answering the question.
Milton Dick Speaker
Do not interject for the remainder of this answer; otherwise, you'll be warned and you won't be here to hear any more questions. I'm just going to take the temperature down, and everyone is going to listen to the Prime Minister.
Anthony Albanese Grayndler, Australian Labor Party, Prime Minister
She went on to say something that would be unfamiliar to those opposite, which was, 'Fiscal policy has been running a surplus for the past couple of years.' That's something completely foreign to those opposite. She didn't say that the government had produced mugs. She said: 'Fiscal policy has been running a surplus for the past couple of years, so I would say that's been helping the inflation situation.' That is what she very clearly said—unlike the approach of those opposite.