Scott Buchholz (Wright, Liberal Party) Share this | Hansard source

I know; it is something that you do want to forget. But I can assure you that, if we weren't the economic managers that we were, the debt would be much higher because those in opposition at that time stated that the economy was going to fall off a cliff. But it didn't; it grew. The economy grew and grew and grew.

I'd also like to give a quick shout-out to the former Reserve Bank governor. We're starting to see the economy soften, particularly as inflation follows the global trajectory of coming off its peaks. The only reason that's happening is that he made tough decisions with his back-to-back interest rate rises—I think there were 12 of them. Since the new governor has been in place I don't think we've seen anywhere near that movement. In fact, have we seen any movement at all from the RBA? I think it has flatlined, which is the evidence that suggests that the heavy lifting was done early. No-one will sing his praises. No-one will offer the affirmation that it's an ugly task, as the Reserve Bank governor, to have to make those decisions with the blunt instrument of interest rates, and the only outcome you've got is to get that inflation range back to between two and three per cent.

It's always a great pleasure to speak on the appropriations bill, and, with that, I commend my comments to the House.

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