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

The Reserve Bank governor's testimony today torpedoed the ridiculous argument that the budget is putting upward pressure on inflation or interest rates. It isn't. In fact, as the Reserve Bank governor said today, it is having the opposite effect. It's taking pressure off inflation. It's taking pressure off the cost of living.

People on both sides of this parliament had the opportunity to vote for taking some of the edge off electricity prices or vote for making them worse, to vote for taking some of the edge of medicine prices or for making it worse. We know whose side we are on. We are in favour of taking cost-of-living pressures off Australian families. That's why the budget was responsible, carefully calibrated and methodically delivered to take pressure off the cost of living in our economy rather than add to these inflationary pressures. The Reserve Bank governor has said, in his opinion, it's doing the job it's supposed to do.

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