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

My question is to the Prime Minister. Two years ago, the Prime Minister promised Australian families cheaper mortgages and that life would be easier, yet the Albanese government has increased spending by $315 billion, fuelling Labor's homegrown inflation crisis. The RBA governor has warned if 'we are not getting inflation down then we won't hesitate to move and raise interest rates again.' What assurance can the Prime Minister give Australian families that there won't be a 13th rate rise under Labor's watch?

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

The Minister for Climate Change and Energy is warned. The Prime Minister has the call.

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

I thank the member for his question. It goes to the comments of the Reserve Bank governor and fiscal policy in the budget, a budget that has been handed down by the Treasurer not once but twice in the black—not mugs, just surpluses. Labor surpluses arose out of what we had, which were Liberal deficits. We turned a $78 billion deficit into a $22 billion surplus, following it up with another surplus, at the same time as inflation is almost half what it was when we inherited it. Those opposite always miss out the fact that interest rates started rising on their watch after they handed down the highest-inflation quarter, which was March 2022 of 2.1 per cent, and how did they respond to that? In their March budget handed down by the former member for Kooyong was a cash splash, and that stands in stark contrast to what we have done. And that is why—

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

The Treasurer will cease interjecting. We are in question one; there is far too much noise. The Leader of the Opposition was heard in silence, and everyone knows the respect that should be shown when the minister or Prime Minister is responding. He has the call and will be heard in silence for the remainder of the answer.

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

And that is why the Reserve Bank governor, when asked by a Liberal senator at the budget estimates, had this to say about international experience: 'It is a very similar experience.' She went on to say, 'Fiscal policy has been running a surplus for the past couple of years, so I would say that has been helping the inflation situation if anything'—the Reserve Bank governor. Now, if it's a choice between the Reserve Bank governor and the shadow Treasurer, who got rolled again today on divestment, then I'll pick the Reserve Bank governor.