Sussan Ley (Farrer, Liberal Party, Leader of the Opposition) Share this | Link to this | Hansard source

My question is to the Prime Minister. Today, KPMG's chief economist said that the impact of government spending on inflation was 'plain as day'. Prime Minister, every reputable economist says that government spending is having a big impact on inflation. Is it seriously your position that they are all wrong and you are right?

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

The RBA governor's statements were very clear. What the RBA governor said was:

… what's happened over the last six months or so is that private demand has turned out to be much stronger than we had been forecasting …

That is what the RBA governor said. If you have 10 economists in a room, I'm sure you'll usually get 12 different views, but the truth is that the RBA governor has spoken about what—

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

The Manager of Opposition Business!

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

The Manager of Opposition Business now attacks the integrity and independence of the RBA governor and says that they are not—

Opposition members interjecting—

The interjections are there on the record from this lightweight over here, who can't do his own job and is now trying to be the shadow Treasurer.

Honourable members interjecting—

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

Order! The Prime Minister will return to the question.

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

Well, we on this side of the House will stand up for the RBA governor, we'll stand up for the independence of the Reserve Bank board and we'll also stand up for Australia's national interest. Those opposite continue to try to talk Australia down. When you look at the comments before of the OECD, I accept that the OECD as well—with the secretary-general there, a fellow called Mathias Cormann, who was backed by this side for that job when we were in opposition and backed by this side, as the government, to be reappointed to be the Secretary-General of the OECD. His statements through the OECD I read into Hansard before. There are the RBA governor's comments. The IMF had this to say in November last year:

Australia is managing a soft landing amid global uncertainty …

…   …   …

The Commonwealth's fiscal strategy has been effective over the post-pandemic period …

That's what the IMF said. And since then we've provided something that would be unfamiliar to those opposite: we provided MYEFO with an additional $20 billion of savings. Now those opposite need to come clean about what it is that they think should be cut, because they didn't do anything when they were in government, and we have found $114 billion of savings.