Cameron Caldwell (Fadden, Liberal National Party, Shadow Assistant Minister for Housing) Share this | Link to this | Hansard source

In the last couple of days we've heard a lot about the haves and the have-nots—about who has fuel and who doesn't. And it seems that our farmers, our fishers and our friends in the bush don't have fuel.

But I'll tell you what we will all have shortly: higher prices. As was reported in the Australian Financial Review today, under the heading 'RBA deputy issues new inflation and rates warning', Deputy Governor Andrew Hauser said that inflation was expected to rise above the forecast 4.2 per cent but stop short of five per cent. He said:

… failing to raise rates to the level they need to be and allowing inflation to get out of control is a clear problem.

So not only are we seeing the cost of everything going up; we are now expecting that the result will be higher interest rates.

This is a cost-of-living crisis that's already biting. Mark from Helensvale said, when he emailed me over the weekend: 'I just ducked out to buy some milk that four days ago was $4.50 per two litres and is now $4.70. Milk, up until approximately five months ago, was trading at $4 for the same product. I'm due to go shopping with my wife tomorrow, and I'm quite frankly scared at what it will cost.'

The Treasurer had told us that we'd turned the corner on inflation, but he's been exposed for his mismanagement of the economy. Only the coalition will restore Australia's—

Sharon Claydon (Newcastle, Australian Labor Party) Share this | Link to this | Hansard source

The member for Swan has the call.