Nick Sherry (Tasmania, Australian Labor Party, Shadow Minister for Banking and Financial Services) Share this | Hansard source

I am very happy to. If it is a history lesson people want, it should be noted that interest rates reached 22 per cent when the current Prime Minister was Treasurer.

But what is important is the impact on families in Australia today. Why have these higher interest rates come about? Despite the fact that the Prime Minister, Mr Howard, and the Liberal and National parties misled the Australian people at the last election, they have come about because inflation is increasing. Inflation has now reached 3.9 per cent. It has increased significantly over the last 12 to 18 months. Indeed, the Reserve Bank, in its announcement today, referred quite specifically to escalating inflation as being a major factor in the need for yet another increase in interest rates.

The Liberal government takes the credit and takes responsibility when the news is good but, when the news is bad, everyone else is to blame—it runs a mile and will not take responsibility. So, when the news is good, you take responsibility and you take the credit but, when the news is bad, you blame someone else. I notice the Liberal Party whip from the Northern Territory nodding in agreement.