John Howard (Bennelong, Liberal Party, Prime Minister) Share this | Hansard source

Mr Speaker, let me say to the Leader of the Opposition that I accept total responsibility for things that happen under my watch and under the watch of my government. I accept responsibility for the good things as well as the bad things. It is true—and I do not mind saying it to the Leader of the Opposition and through him to the broader Australian community—that there have been increases in interest rates, most recently today. It is true that interest rates have moved up by 1¼ per cent since the last election. It is also the case that interest rates now on housing are still lower than they were at any time in 13 years of Labor. It is still true that interest rates on housing averaged 12¾ per cent under Labor over 13 years—a full 4½ percentage points higher than they are at the present time. It is true that unemployment is now at a 33-year low. It is true that working families’ wages in general have increased significantly in real terms during our time in office. It is true that business conditions now—and the profit share as a result—are at near record levels. It is true that the Australian economy is in a stronger position now than it has been at any time since the end of World War II including, by any proper comparison, the 1950s and 1960s.

In asking me if I accept responsibility, I accept responsibility for everything that has gone wrong within the government’s control over the last 11½ years.

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