Wayne Swan (Lilley, Australian Labor Party, Shadow Treasurer) Share this | Hansard source

The Treasurer has dodged this debate. He has scurried off with his tail between his legs back to the chicken coop. It is just another repeat of what we had last week when he did not have the courage to take on the Prime Minister. Just as he did not have the courage to take on the Prime Minister, he does not have the courage to take on this debate. Of course, the Prime Minister has not had the courage to take on this debate. This is something which is so important to the living standards of average Australians: rising interest rates in an environment where Australians were promised record low interest rates by this Prime Minister. Adversity is a test of character and it is a test that this Treasurer has failed. He failed it last week and it is a test that he has failed again today. The hollow man in here in question time today had no answers on interest rates at all, yet it is his actions and the actions of the government that are putting Australian families under such tremendous financial pressure.

Now the Treasurer may not have any numbers in the party room—that is pretty clear—but he cannot be allowed to ignore the numbers presented in this House that demonstrate that the percentage of income being paid by people with housing mortgages is the highest in our history. It will no longer be sufficient for him to walk into this House and say, ‘Blame Keating.’ They can blame Howard and they can blame Costello because the percentage is now higher than it has ever been. Interest rates have been going up and up and up and up and up and up and up because we have had seven rises in a row, but we have had three rises since John Howard went to the Australian people at the last election and promised record low interest rates. What does that really mean? Think about it for a minute. What it actually means is that John Howard himself in his advertising was taking personal responsibility for interest rates. There was the ad: record low interest rates. What that advertising says is, ‘I, John Howard, take personal responsibility for what happens with interest rates over the next three years.’ As we well know, interest rates are going up—three times since he made that promise—and record interest repayments are putting Australian families under financial pressure.

But John Howard does not understand a word of that, because he has been living at Kirribilli for 10 years. He really does not have to pay the freight, and neither do many of the ministers in this government, or many of those sitting behind them, who live fairly privileged lifestyles. All MPs live privileged lifestyles but, when you are so out of touch that you do not understand the financial pressure on Australian families—

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