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

Yes, it is, and it needs to go higher—something that you have not recognised either—because we do live in a situation where there is a terms of trade boom that has fuelled demand and it has to be dealt with. It is part and parcel of our five-point plan.

We on this side of the House recognise the enormity of the challenge that we face—and we are up for it. We will not deny the problem. It was absolutely laughable for the member for Wentworth to claim that our accurately describing the size of the inflation challenge was somehow going to cause inflation. I will tell you what it causes: acute political embarrassment to the opposition, because you should be ashamed of your record. The opposition’s claim to economic competence—

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