Kevin Rudd (Griffith, Australian Labor Party, Leader of the Opposition) Share this | Link to this | Hansard source

My question is again to the Prime Minister. I again refer to his 2004 election promise to keep interest rates at record lows. Is the Prime Minister aware that, barely one hour after the Prime Minister repudiated this election commitment in the House yesterday, the Chief Government Whip and member for Macquarie yesterday (a) reaffirmed the 2004 election promise and (b) said that the promise to keep interest rates at record lows was ‘still standing’. Prime Minister, who is telling the truth—you or the member for Macquarie?

David Hawker (Speaker) Share this | Link to this | Hansard source

Order! The Prime Minister is not required to comment on a colleague, but if the Prime Minister chooses to answer I call the Prime Minister.

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

I saw the member’s remark earlier today because somebody mentioned it to me. If you look at the context of it, the member for Macquarie has been misrepresented by the Leader of the Opposition. I ask the Leader of the Opposition to have a look at everything I said in the last election campaign; it will enlighten him a great deal. What I said in the last election campaign, what the Treasurer said—and it is absolutely the truth—is that interest rates under a coalition government will always be lower than they are under a Labor government. I would have thought that the Leader of the Opposition understood—

Anthony Albanese (Grayndler, Australian Labor Party, Manager of Opposition Business in the House) Share this | Link to this | Hansard source

Mr Speaker, I rise on a point of order. The Hansard from yesterday says:

The promise that we would keep interest rates at record lows still stands.

David Hawker (Speaker) Share this | Link to this | Hansard source

Order! The member will come to his point of order.

Anthony Albanese (Grayndler, Australian Labor Party, Manager of Opposition Business in the House) Share this | Link to this | Hansard source

I seek leave to table the Hansard.

David Hawker (Speaker) Share this | Link to this | Hansard source

The member will resume his seat. If he wishes to table a document he will wait until the answer is completed. I call the Prime Minister.

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

I would have thought the Leader of the Opposition understood that if you subtracted 8.3 from 12.75 you would be left with in excess of 4½. That is the difference between what interest rates will be for housing in Australia after the latest increase by the Reserve Bank and what they averaged under the former Labor government. I would have thought the Leader of the Opposition understood that if you take 8.3 and you double it you get 16.6, which is still 0.4 below 17 per cent, which was the level that housing interest rates hit when the Labor Party was last in office. So when I say now, when I said three years ago and when I will say over the weeks and months ahead that interest rates will always be lower under the coalition than they are under Labor, I speak the truth. Not only is it verified by the experience of the last Labor government compared with ours; if you look at the policies of the Labor Party for this coming election, particularly its industrial relations policy, according to independent economic experts the industrial relations policies of the Labor Party will exert upward pressure on interest rates. So not only do we have history but we also have current policy to validate my claim and my argument that interest rates will always be lower under the coalition than under the Labor Party.