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

We said from day one we would tackle the inflation challenge. It was the right thing to do by the country. It was the right thing to do to get downward pressure on inflation so we could get downward pressure on interest rates. And that is what we have been doing, because we are dealing with the legacy of the 10 interest rate rises that occurred under the former government that have pushed interest rates to record highs. Those interest rates at record highs are slowing our economy and slowing our economy precisely at the time that international circumstances are also impacting. That is why the decisions taken in the Liberal party room yesterday are so utterly irresponsible and why those opposite should be condemned for their irresponsible behaviour.

See this speech in context