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

So the interest rates in this country are influenced by global factors. They are also influenced by decisions on the short-term rate taken by the Reserve Bank of Australia. But the suggestion, as the Prime Minster was saying before, that somehow borrowing by the Australian government is going to push up rates here and globally is bizarre. Of course, this point has been made, I think very plainly, by one commentator, Mr Gittins. The shadow Treasurer wanted to quote others, but we should quote Mr Gittins. He had this to say: ‘Hockey’s argument about the effect of government borrowing on interest rates is simply wrong.’ He continued:

In that vast, global market, our Government’s borrowings are a flea bite, quite unable to influence the level of global interest rates.

Mr Gittins went on in that article to out the strategy of the Liberal and National parties, which is to run another John Howard scare campaign on interest rates. That is what is going on here—it does not matter what the facts are; do not let any of the facts get in the way. They are so embarrassed by their opposition to economic stimulus that they have to run a scare campaign on interest rates which is factually incorrect and which will be seen through by the Australian people.

The Australian people understand what the Liberal Party are up to at the moment. They absolutely understand that the Liberal Party will put the jobs of Australians last, behind their political manoeuvring in this parliament. They will never support jobs. They will come into this House and play politics.

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