Penny Wong (SA, Australian Labor Party, Shadow Minister for Corporate Governance and Responsibility) Share this | Hansard source

My question is to Senator Minchin, the Minister for Finance and Administration and the Minister representing the Treasurer. Does the minister recall saying in May 2005: ‘There have been no further interest rate increases, because of the tremendous record of economic management of this government’? Can the minister advise the Senate whether this is the same economic management that has delivered eight successive interest rate increases? Is this the same tremendous economic management that has delivered today’s interest rate increase, which will mean almost an additional $50 to the monthly repayment on a $300,000 mortgage and an additional $380 a month since interest rates started to rise in 2002? Can the minister explain to Australian families why he regards eight successive interest rate rises as ‘tremendous economic management’?