Peter Dutton (Dickson, Liberal Party, Leader of the Opposition) Share this | Link to this | Hansard source

My question is to the Prime Minister. I refer to the fact that over the last 30 years to 2022 the cash rate has been 1.3 percentage points higher under Labor than under the coalition. Interest rates are always higher under Labor. Under this Prime Minister there have been eight rate rises in eight consecutive meetings of the Reserve Bank of Australia board. No wonder there is such pressure on the Reserve Bank governor. When will the Prime Minister announce a plan to deal with the rising inflation problem in this country, which is fuelling higher interest rates? Why do Australian families always pay more under Labor? (Time expired)

Milton Dick (Speaker) Share this | Link to this | Hansard source

Order! The Treasurer will cease interjecting. I want to remind all members: when questions are being asked, that is not the time to interject, and when ministers are on their feet before they answer questions, it is not the time to interject.

Anthony Albanese (Grayndler, Australian Labor Party, Prime Minister) Share this | Link to this | Hansard source

I'm asked a very broad ranging question about the history of interest rates. I can inform the Leader of the Opposition that I have done some research about the history of interest rates. I can inform him—

Michael Sukkar (Deakin, Liberal Party, Shadow Minister for Social Services) Share this | Link to this | Hansard source

Have you researched what the cash rate is yet?

Milton Dick (Speaker) Share this | Link to this | Hansard source

The member for Deakin will cease interjecting. I want to deal with the member for Deakin.

The Leader of the Opposition will cease interjecting while I'm speaking. The member for Deakin has been continually interjecting every day in question time. This is not an excuse to yell when the Prime Minister has begun his answer. I want to be crystal-clear about behaviour today. I give the call to the Prime Minister.

Anthony Albanese (Grayndler, Australian Labor Party, Prime Minister) Share this | Link to this | Hansard source

Notwithstanding the Leader of the Opposition's interest in my university assays, I can provide more for him later today. I remember back in 2004, when the Howard government's slogan at the election was 'Keeping interest rates low'. I remember that well. But then they made the fatal mistake of appointing the opposition leader as the Assistant Treasurer in 2006. At that time, when he was appointed, the cash rate was 5.5 per cent. But then the Reserve Bank met on 3 May 2006, up 0.25 per cent; on 2 August 2006, up 0.25 per cent; on 8 November 2006—you guessed it—up 0.25 per cent. On 8 August 2007, do you think it went up or down? Hands up who think it went up? Hands up who think it went down. You're right. But then there's more. On 7 November 2007 did it go up or down? Hands up those who think it went up. Does anyone think it went down? No—6.75 per cent. Today the rate is 3.35 per cent. Is 6.75 higher or lower than 3.35? It sounds higher to me.