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

My question is addressed to the Treasurer. I refer the Treasurer to the Sensis consumer report released today, which shows that consumer confidence has fallen by 26 percentage points since November and is now at a record low. I also refer the Treasurer to the recent Westpac-Melbourne Institute consumer sentiment index, which shows that consumer confidence has dropped 23.3 per cent since November. Will the Treasurer confirm that these falls in confidence reveal growing anxiety about job security and the ability of the government to manage Australia’s $1.1 trillion economy?

Wayne Swan (Lilley, Australian Labor Party, Treasurer) Share this | Link to this | Hansard source

No, they do not reveal that at all. What they actually reveal is the impact of the international financial turbulence from the US subprime crisis. What they really reveal is the impact of eight interest rate rises in the last three years. That is what they reveal. What they reveal is the impact of inflation at a 16-year high, the legacy of those opposite and something for which they refuse to accept any responsibility whatsoever. Of course, what such reports will also reveal in the future is the fact that we have an opposition that is intent on economic vandalism—economic vandalism in the Senate this morning, with measures to delay the introduction of this budget, which will cost the bottom line of the surplus $280-odd million. All those Liberal and National senators voted for higher interest rates in the Senate this morning. They voted for irresponsible spending. But those opposite simply do not get it when it comes to responsible economic management. They think you can go on spending irresponsibly and have no impact on inflation and no impact on consumer confidence.

Who was the author of this act of economic vandalism in the Senate this morning? We all know it was the member for Wentworth. Now, we heard about the member for Wentworth yesterday from his sponsored focus groups, and in the press today—

Wilson Tuckey (O'Connor, Liberal Party) Share this | Link to this | Hansard source

Mr Speaker, I rise on a point of order. I want to refer you to standing orders 88, 89, 90 and 91 relating to disorderly conduct. If you want disorderly conduct in this place, let that peanut carry on with matters that have nothing to do with the question.

Harry Jenkins (Speaker) Share this | Link to this | Hansard source

The member for O’Connor will leave the chamber for one hour.

The member for O’Connor then left the chamber.

Don Randall (Canning, Liberal Party, Shadow Cabinet Secretary) Share this | Link to this | Hansard source

Mr Speaker—

Harry Jenkins (Speaker) Share this | Link to this | Hansard source

The honourable member for Canning, as a Western Australian, should not follow the example of his colleague!

Wayne Swan (Lilley, Australian Labor Party, Treasurer) Share this | Link to this | Hansard source

Nothing could affect confidence into the future more than an irresponsible act of economic vandalism such as what we saw from the Liberal and National parties in the Senate today. Of course, this is the strategy of the member for Wentworth. I hope he has had some time to explain to the opposition leader why focus groups were being conducted on his resume, on his website, on his post-budget address.

Joe Hockey (North Sydney, Liberal Party, Manager of Opposition Business in the House) Share this | Link to this | Hansard source

Mr Speaker, I rise on a point of order relating to relevance.

Harry Jenkins (Speaker) Share this | Link to this | Hansard source

The Treasurer will respond to the question and he will move towards concluding his answer.

Wayne Swan (Lilley, Australian Labor Party, Treasurer) Share this | Link to this | Hansard source

I was asked about confidence, and I was talking about the irresponsible actions of the Liberal and National parties in the Senate and the impact of them on confidence. Who was the author of this strategy in the Senate? We have a bit more information on the member for Wentworth from that focus group. We have actually got the answers that the people gave.

Joe Hockey (North Sydney, Liberal Party, Manager of Opposition Business in the House) Share this | Link to this | Hansard source

Mr Speaker, I rise on a point of order. Again it relates to relevance.

Harry Jenkins (Speaker) Share this | Link to this | Hansard source

Whilst the question is going to matters of ability to manage a $1.1 trillion economy, I think that the Treasurer is stretching his answer and I will ask him to get back to responding to the question and concluding his answer.

Wayne Swan (Lilley, Australian Labor Party, Treasurer) Share this | Link to this | Hansard source

Mr Speaker, it was a question about confidence, and nothing could be more damaging to confidence than the acts of the Liberal and National parties in the Senate—delaying the budget and ripping $280 million or $290 million off the surplus. And why is this happening? Some of those respondents can tell us. When asked about the member for Wentworth, they said he had no real substance.

Honourable Members:

Honourable members interjecting—

Harry Jenkins (Speaker) Share this | Link to this | Hansard source

Order! The Treasurer will resume his seat. Order! Those on the front bench on my right will contain their excitement!

Stephen Smith (Perth, Australian Labor Party, Minister for Foreign Affairs) Share this | Link to this | Hansard source

Brendan is moving for an extension of time!

Harry Jenkins (Speaker) Share this | Link to this | Hansard source

The Minister for Foreign Affairs! You are usually so well behaved, although a Western Australian! And all apologies to other Western Australians—especially the member for Hasluck, to whom I give the call.