Jim Chalmers (Rankin, Australian Labor Party, Treasurer) Share this | Hansard source

I think if the shadow Treasurer needs us to tell him the inflation rate of 7.8 per cent and the target rate of 2.3 per cent then we've got even bigger problems than we thought. Old mate over here needs the most simple concepts explained to him very slowly. And that's what we're happy to do over and over again. The reason why the member for Hume didn't ask me this question is that he knows that last week I was tuning in, as I always do, watching Kieran Gilbert on Sky interviewing the shadow Treasurer, and he was asked by Kieran Gilbert on Sky last Tuesday—Kieran pointed out to him, as we have from time to time, that interest rates started going up on their watch. We've also pointed out that interest rates were more than twice what they are now when the Leader of the Opposition was the Assistant Treasurer. But I was watching Kieran talk to the member for Hume last Tuesday, and Kieran said, 'But you did see interest rates go up on your watch,' and the member for Hume said, 'Well, you saw a 0.1 per cent increase in May.' The only problem with that is that it's completely and absolutely wrong. Apart from that fact that he got wrong, the rest of it was right! He was asked about May. In May, when those opposite were in office, interest rates went up by 25 basis points. I think everybody on this side of the House understands that. The shadow Treasurer does not have a clue. He does not have a clue, and that's why he doesn't ask me the question, because he knows I'm watching Kieran Gilbert talking to the member for Hume and he knows that the member for Hume dropped an absolute clanger on Kieran's show last week. The shadow Treasurer of this country, the guy that wants to be the Treasurer of this country, doesn't even know how much interest rates— (Time expired)

Honourab le members interjecting—

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