Jenny Ware (Hughes, Liberal Party) Share this | Link to this | Hansard source

My question is to the Prime Minister. When the Prime Minister was elected, the official cash rate was 0.35 per cent. Without reference to the Treasurer, can the Prime Minister inform the House as to what the cash rate is today?

Opposition Members:

Opposition members interjecting—

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

Order! No—

The minister for infrastructure is now warned. I couldn't hear the question because people were interjecting. This is the problem. If I can't hear the question, I can't then make rulings on relevance and whatnot. Out of respect for the member for Hughes, I'll invite her to ask the question again.

Jenny Ware (Hughes, Liberal Party) Share this | Link to this | Hansard source

My question is to the Prime Minister. When the Prime Minister was elected, the cash rate was 0.35 per cent. Without reference to the Treasurer, can the Prime Minister inform the House as to what the cash rate is today?

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

The member for Lingiari is warned. The Prime Minister has the call.

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

We understand that interest rates have caused pressure on Australian households, and, of course, we have seen a series of increases in interest rates, 13 of them, which began under the former government, to the point whereby the Reserve Bank will meet tomorrow. And the rate is, of course, 4.35 per cent. But that is less than the United Kingdom, where it's five. It's less than New Zealand, which is 4.75. It's less than the United States, which is five.

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

They're coming down there, too.

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

The shadow Treasurer interjects. That's because they were higher than us. That's why they're coming down—but off a higher point, because inflation peaked higher and earlier in those economies.

But what we saw last week was the inflation rate with a two in front of it and the monthly rate going down to 2.1. I remember the March 2022 quarter where the quarterly figure was 2.1. So, in the last quarter in which those opposite were in office, it was 2.1, the same as an annual figure that was released last week. The four figures last week all came down—every indicator of inflation—and that is because of a range of measures, including the delivery of two budget surpluses, something that would be unrecognisable to those opposite. And bear this in mind. They promised before the 2013 election that they would deliver a surplus the first year and every year thereafter. One of the reasons why inflation was such a problem in Australia, as the COVID inquiry report confirmed, was the wasteful expenditure—giving $20 billion to companies that weren't seeing a decrease in their revenue, some of which were seeing an increase in their revenue. Now, the cash rate under the Leader of the Opposition as Assistant Treasurer was 6.75 per cent.