Nick Minchin (SA, Liberal Party, Minister for Finance and Administration) Share this | Hansard source

committed to reversing the reforms that we have made to the economy, tightening up the labour market, producing forces in the economy which will put upward pressure on inflation, returning the budget to deficit. With upward pressure on inflation you get upward pressure on interest rates. The Australian people learnt their lesson when they had 13 years of the Labor Party, with interest rates at unbelievable levels. If you were a first homebuyer under the Labor Party, you really knew what high interest rates were all about. There is no doubt that whatever the recent movement in interest rates—