Ted O'Brien (Fairfax, Liberal Party, Shadow Treasurer) Share this | Link to this | Hansard source

My question is to the Treasurer. Following last week's interest rate rise, respected TV—

Hon. Members:

Honourable members interjecting—

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

Order! Member for Wannon, I can't hear the question. If both sides of the chamber can cease interjecting, we'll reset and the deputy leader will start his question again, out of respect for him.

Ted O'Brien (Fairfax, Liberal Party, Shadow Treasurer) Share this | Link to this | Hansard source

My question is to the Treasurer. Following last week's interest rate rise, respected TV finance guru Kochie sent a direct message to the Treasurer, saying: 'Mate, you've got to tighten your belt. You've told all of us to tighten our belts to fight inflation. You didn't, and so you are responsible for this interest rate rise.' The Treasurer has dismissed the views of scores of economists, and now even the Reserve Bank governor. Will he at least concede Kochie has a point?

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

The member for Chifley will cease interjecting, or he'll be warned.

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

Once again, the shadow Treasurer is being deliberately dishonest. The only people in this parliament verballing the Governor of the Reserve Bank sit over there.

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

I'll just get the Treasurer to pause. The manager will state his point of order.

Alex Hawke (Mitchell, Liberal Party, Shadow Minister for Industry and Innovation) Share this | Link to this | Hansard source

The Treasurer knows he's not allowed to make that inference in the House.

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

I'll get the Treasurer to withdraw. He can make other claims, but he can't use the word 'deliberate'.

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

I withdraw. Once again, the shadow Treasurer is being dishonest—

Ted O'Brien (Fairfax, Liberal Party, Shadow Treasurer) Share this | Link to this | Hansard source

You should apologise to the governor too!

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

and he interjects that I should apologise to the governor. The only people in here verballing the governor sit over there.

I say this about the view that the shadow Treasurer has quoted from David Koch. If the budget position is the sole determinant of inflation and interest rates, then I assume the shadow Treasurer and the person he quoted held the same view when inflation was coming down last year and interest rates were cut three times. But no, they didn't. That, I think, exposes the hypocrisy of those opposite who pretend that when inflation's coming down and interest rates are being cut, it has nothing to do with the government, but when inflation ticks up in the second half of the year and interest rates go up, all of a sudden it's 100 per cent driven by the government's budget position.

Now, if we pick up and run with the shadow Treasurer's own logic, then the fact that they just took to the election a policy for bigger deficits and more debt means they are conceding that if they had won the election, inflation would be higher and interest rates would be higher as well. They can't have it both ways in either respect. They can't say one thing about last year and another thing about this year. They can't say budgets are the primary determinant of prices in the economy only when inflation ticked up towards the end of last year.

I was also asked about—

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

Order! The Treasurer will pause. He was about to say what he was asked about, but I'll hear from the deputy leader.

Ted O'Brien (Fairfax, Liberal Party, Shadow Treasurer) Share this | Link to this | Hansard source

It was on relevance. We've only got less than a minute to go. I'm flattered the Treasurer wants to keep talking about me, but he's not addressing—

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

No, resume your seat. Don't abuse the standing orders by adding that flourish to the response. The Treasurer was saying what he was asked about, and that's when you took the point of order, so it's pretty difficult. He's going to directly answer the question or be directly relevant; I'll make sure he is.

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

Thank you, Mr Speaker. I was referring to the gentleman he quoted, and I was referring to the Reserve Bank governor, and that's why I was being relevant to his question. As the Prime Minister reminded the House a moment ago, this was the view of the Reserve Bank governor on Friday:

… public demand's contribution … has declined … And we were surprised in the first half of 2025 that it declined as much as it did. And we have been surprised in the latter part of 2025 by … private demand, on the upside. They are facts.

That's what Governor Bullock actually said.

The more divided they get, the more dishonest and the more desperate they get over there. I saw Senator Hume say this morning that they had to reach for the rabbit, in her words. Well, there he is over there! That three-ring circus has already got a clown, and now it's got a bunny as well. They are the two reasons why nobody takes them seriously on the economy anymore.