Angus Taylor (Hume, Liberal Party, Shadow Treasurer) Share this | Link to this | Hansard source

My question is to the Treasurer. Does the Treasurer take responsibility for 12 interest rate increases?

Jim Chalmers (Rankin, Australian Labor Party, Treasurer) Share this | Link to this | Hansard source

He forgot one! Interest rates started going up on the watch of those opposite. Isn't it interesting that he forgot the first one! I don't think that was an accident. He was hoping that nobody noticed that interest rates started going up on their watch.

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

Order, Leader of the Nationals.

Jim Chalmers (Rankin, Australian Labor Party, Treasurer) Share this | Link to this | Hansard source

They started going up on their watch because when they were in office inflation was 6.1 per cent, and it was rising. That's why interest rates started going up, when he was the most embarrassing member of a bad government.

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

The shadow Treasurer on a point of order.

Angus Taylor (Hume, Liberal Party, Shadow Treasurer) Share this | Link to this | Hansard source

On relevance, that was very deliberately a very, very tight question, which he has been completely unwilling to engage on and be even slightly relevant towards.

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

The Minister for Industry and Science will cease interjecting. The Treasurer has been talking about interest rates. He wasn't asked about interest rates before. He was talking about the last 12, but he's less than one minute in, so I'll ask him to return to the question.

Jim Chalmers (Rankin, Australian Labor Party, Treasurer) Share this | Link to this | Hansard source

Interest rates, which began rising before the change of government, are putting substantial pressure on people. That's a point that I've been making since the middle of the year.

Angus Taylor (Hume, Liberal Party, Shadow Treasurer) Share this | Link to this | Hansard source

You've had 12. Take responsibility.

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

Order! The member for Hume has asked his question. I ask the member for Hume to cease interjecting through this answer.

Jim Chalmers (Rankin, Australian Labor Party, Treasurer) Share this | Link to this | Hansard source

Those opposite might not think that's the case, but the interest rate rises, which began before the election, are putting substantial pressure on people. We understand that. That's why we take so seriously our responsibilities when it comes to the fight against inflation.

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

Order! The member for Barker is warned.

Jim Chalmers (Rankin, Australian Labor Party, Treasurer) Share this | Link to this | Hansard source

As I said a moment ago, our part of the fight against inflation is making sure that we get the budget in better nick, making sure that as we roll out this substantial and meaningful cost-of-living help that we do it in the most responsible way and that we invest in the supply side of the economy as well—in housing, skills, energy and Future Made in Australia. Those are our responsibilities.

The Reserve Bank have their job to do, and I have my job to do. As the Reserve Bank governor has said on a number of occasions now, we've got the same objective, but we've got different responsibilities. I think that's self-evident.

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

Order, I'm going to ask for the assistance of the Leader of the Nationals as well.

Jim Chalmers (Rankin, Australian Labor Party, Treasurer) Share this | Link to this | Hansard source

When it comes to the pressures that people are under, whether it's the consequence of persistent inflation, the global economic uncertainty or the impact of the rate rises which began before the election, we know that people are under pressure. More than acknowledging that, we're doing something about it. It beggars belief that the whole parliament doesn't agree that people deserve and need some help with the cost of living.

We're rolling out tax cuts, energy bill relief, cheaper early childhood education and cheaper medicines. We're getting wages moving again and helping people with their rent because we do take responsibility for our part in the fight against inflation. We recognise the Reserve Bank's got their job to do. We've got a different job to do. We've got the same objective, which is to get on top of this inflation challenge which was already galloping when we came to office. One of the consequences of how seriously we have taken it, working with the bank, is that inflation has halved since the year we came to office.