My question is to the Prime Minister. Last year the Prime Minister declared we have dealt with inflation, and he boasted about falling interest rates. This morning the ABS released inflation data showing that, under Labor, the price of bread is up 22 per cent, milk is up 29 per cent, rents are up 25 per cent, medical and hospital services are up 25 per cent, electricity is up 36 per cent, gas is up 42 per cent, insurance costs are up 44 per cent and interest rates are at their highest level in 15 years and rising. Why do Australians always pay the price because the Prime Minister can't ever admit he's made a mistake?

As I have said, today's figures will be received by the Australian public as being indicative of what they know is happening and what they know and are feeling. People are under pressure. Indeed, the RBA governor today said this in her opening statement to the supplementary budget estimates: 'The conflict in the Middle East'—

This is the RBA governor. Mr Speaker, I make this point. The groaning that occurs opposite—this is about the RBA governor. We should turn the temperature down, and maybe people could stop interjecting.

The House will come to order.

This is what the RBA governor has said:

The conflict in the Middle East has re-escalated and global energy prices are now much higher than had been assumed in the August forecasts.

…   …   …

In addition to the energy price shock, the AI boom and extreme weather events are contributing to upward pressure on a range of agricultural and technology-related prices.

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We are not alone in being concerned about inflation—central banks in many other advanced economies are responding by increasing their policy rates or signalling they will do so if needed.

That was the Reserve Bank governor. I have respect for the RBA governor. We can't just wish away what has occurred, particularly since 28 February, which has been ongoing—a conflict that we were told would last for days or weeks and is indeed still going.