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

So it is true: consumption in New South Wales did take a hit. And the reason is simply this: there are more people in New South Wales under housing stress because they borrow a lot more to get into the housing market, and it has, unfortunately, impacted there. So the member opposite really ought to be much more truthful about what is going on in the economy, who is responsible for what has occurred and what needs to be done to address this problem. Last night, the member for Wentworth was on The 7.30 Report, and this is what he said:

I am not exaggerating. Look, all I’m saying is this: had we been governed by leaders who were responsible, and who had the economic interests of this country at heart, we would have had lower interest rates …

Isn’t that an awful thing to say about Mr Howard and the member for Higgins—particularly on the night that Mr Howard is in the House! That is a terrible thing to say about them because it is so true. And New South Wales is now living with the consequences of the neglect by the Liberals of capacity constraints, particularly in infrastructure, and the consequences of their reckless spending. But we on this side of the House accept our responsibility to put in place a disciplined fiscal policy that deals with inflation and to make the investments for the future that deal with the capacity constraints so that we can generate growth with lower inflation and lower interest rates.

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