James Paterson (Victoria, Liberal Party, Shadow Minister for the Public Service) Share this | Hansard source

My question is to the Minister representing the Treasurer, Senator Gallagher. Following yesterday's confirmation of a shock rise in inflation to 3.2 per cent, economist Saul Eslake said:

Today's September quarter #inflation numbers were an absolute shocker, and have ruled out whatever chance there was of the Reserve Bank of Australia cutting its #cashrate at next weeks' Monetary Policy Board meeting.

The ABC's Alan Kohler said yesterday's numbers were 'generally seen as a very ugly report', noting that the annual rate for the last six months was actually 4.2 per cent and that the odds of a November rate cut were now zero. Minister, do you agree with RBA governor Michele Bullock that these numbers, fuelled by out-of-control government spending, are a material miss which will hurt Australian mortgage payers?