Penny Wong (SA, Australian Labor Party, Minister for Foreign Affairs) Share this | Hansard source

He's enjoying that far too much. Senator Hume, inflation remains higher than we would like. The Treasurer and Senator Gallagher have been upfront about that. We are upfront about that. I would make this point: it is certainly lower than the peak that existed and much lower than that which we inherited. I think you as a former shadow finance minister would know that: when we came to government, inflation was much higher, and it is at a much lower rate now than it was when we came to government.

It is relevant, Senator Ruston, because it is pointing out where inflation has gone. But we have been upfront, Senator Hume, about inflation being higher than we would like. As you would have heard the Treasurer and Senator Gallagher speak about yesterday and today is that the data shows the inflation challenge is a mix of temporary factors but also persistent pressures in areas like housing and temporary factors like the end of energy rebates, and increases in travel costs and the like.

I'd make the point in relation to housing that obviously one of the ways you can deal with pressure in the housing market is to add to supply, which is why I reiterate the comments I made earlier to Senator Bragg about the position he has taken your party to which is to oppose all investment in housing supply by the government. (Time expired)