Kim Beazley (Brand, Australian Labor Party, Leader of the Opposition) Share this | Link to this | Hansard source

May I just have 10 seconds of your indulgence, Mr Speaker? I am sure the House will join me in congratulating the member for Kingsford Smith for his induction, along with the group of which he was a member, Midnight Oil, into the ARIA Hall of Fame last night. Bono was right to say the Oils brought different people together and our colleague from Kingsford Smith is still doing that. He will make an even bigger contribution in the years ahead. We are all tremendously proud of our colleague and I know that all of us in this place congratulate him and his associates on such a wonderful achievement. Well done!

I thank you, Mr Speaker, for your indulgence. My question is to the Prime Minister. I refer to the Prime Minister’s comments last week that a possible interest rate rise next week would be ‘a stitch in time’. Prime Minister, if a stitch in time saves nine, how many stitches have been saved by the last seven consecutive rises?

John Howard (Bennelong, Liberal Party, Prime Minister) Share this | Link to this | Hansard source

Mr Speaker, before answering the Leader of the Opposition’s question, can I join, with your permission, in extending on behalf of the government my congratulations to the member for Kingsford Smith. I associate myself with the remarks of the Leader of the Opposition, but that is where the association abruptly terminates.

I think, if we are talking about stitches, we can say that the last election saved 17—not stitches but 17 per cent interest rates, which is the level to which housing interest rates soared under Labor governments.