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

I thank the member for his question. The member has great difficulty in welcoming any good news when it comes to the economy. But today’s growth figure is a solid 0.3 for the quarter and 2.7 for the year. Given the international circumstances that we face and given the impact particularly of 10 straight interest rate rises under the Liberals, the economy is certainly slowing. That is there for all to see in the national accounts today—the impact of 10 consecutive interest rate rises under the member for Higgins and the global difficulties that we experience.

The member for Wentworth is living in cloud-cuckoo-land if he thinks slugging families with a $400-a-month interest rate bill does not make much difference, because that is what 10 interest rate rises in a row under those opposite have done to Australian families—the Costello interest rate bill: $400. And that has an impact on consumption. I know the member for Wentworth does not think that an interest rate rise has an impact on consumption because, when interest rates went up for the seventh time, he said their impact was overdramatised! That is what he said. He does not think $500 a year means a lot to families. But it certainly does. And $400 a month—which hit families, particularly in New South Wales, and hit them hard—has a very, very big impact on consumption.

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