Nick Minchin (SA, Liberal Party, Minister for Finance and Administration) Share this | Hansard source

If the honourable senator wants to mount that case, he should come in here with evidence from the Reserve Bank in which it formally attests to the size of the current account deficit being a reason it has increased interest rates. I defy him to do that. What I have reported is the statement by the Reserve Bank as to why it has increased interest rates by 0.25 per cent. It pointed to global demand, high commodity prices and the strength of the Australian economy. That is why, as I said yesterday and I will say again, it had to put a light touch on the brakes to ensure that we can sustain the prosperity that we have all enjoyed for the last 10 years under the Howard government.