Nick Sherry (Tasmania, Australian Labor Party, Minister for Superannuation and Corporate Law) Share this | Hansard source

As I have indicated on a number of occasions, this Labor government faces a very significant high-inflation legacy courtesy of the former Liberal government. Underlying inflation is currently running at approximately 3.6 per cent, and that is well above the target band of two to three per cent that the Reserve Bank has determined is necessary in order to keep downward pressure on interest rates. We are determined. We are fiscal conservatives and we are proud of it. Unlike those opposite—