Anthony Albanese (Grayndler, Australian Labor Party, Prime Minister) Share this | Hansard source

Thanks very much, Mr Speaker. When recessions occur as happened under the former government, what reserve banks and central banks around the world do is that they support the stimulation of the economy. Therefore, you have a reduction in interest rates. Then when there's global inflation, around the world central banks increase interest rates. That's what occurs. The level of debate that we are having here from those opposite is just extraordinary. I mean, this is the alternative government of Australia. The shadow Treasurer, who refuses to ask a question of the Treasurer—this is what he said, not before the election but on 28 September, in an opinion piece, so he wrote it down. He actually thought about it and submitted it to that great journal The Australian. He said:

It is very clear that the world has changed dramatically even in the past few months …

We've seen a rapid shift to an inflationary environment.

Interest rates are bucking decades of downward trends.

Those opposite show their economic illiteracy in here day after day. (Time expired)

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