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

It is a bit rich getting that question from the Liberal Party. They are the best friend inflation ever had. A 16-year high—that was the legacy to this country. It has fallen to the Labor Party in government, the Rudd government, to take the decisive action that is needed in cutting spending: $7 billion worth of spending cuts, $7 billion worth of savings in the 2008-09 year and $34 billion over the forward estimates. That is our contribution to the fight against inflation. Those opposite do not have a policy to tackle inflation at all. Before this week and before the budget, the Treasury spokesman said there was no need for spending cuts. Today he is out there saying there is a need for substantial cuts. He does not know what he is doing.

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