Malcolm Turnbull (Wentworth, Liberal Party, Shadow Treasurer) Share this | Link to this | Hansard source

My question is to the Prime Minister. I refer to last week’s release of the Westpac-Melbourne Institute consumer sentiment index, which shows that consumer confidence has dropped 23.3 per cent since last November and is now at its lowest level since December 1992. Given consumer confidence held up well through the Asian financial crisis, the September 11 terrorist attacks, the tech bubble, SARS and the worst drought in 100 years, isn’t this dramatic collapse in consumer sentiment a vote of no-confidence in your government’s economic management?

Kevin Rudd (Griffith, Australian Labor Party, Prime Minister) Share this | Link to this | Hansard source

For those opposite, who presided over 10 interest rate rises in a row, I find it remarkable that they can stand in this place with any skerrick of respectability and produce a lesson on responsible economic management—point 1. Point 2 is: those opposite bequeathed this government inflation at a 16-year high. I would think that those opposite should reflect firmly and squarely on the impact which 16-year high levels of inflation has on the overall trajectory of interest rates. Thirdly, if you have a global oil shock which is the worst in 30 years, impacting economies around the world, I would think that is of some moment. Fourthly, I would think the global financial crisis, which has seen revisions downwards in economic growth in all of our global economic partners, would give pause for thought as well. Instead, those opposite are interested in one thing—cheap tabloid politics, not responsible economic management.