Nick Sherry (Tasmania, Australian Labor Party, Shadow Minister for Banking and Financial Services) Share this | Hansard source

My question is to Senator Minchin, the Minister representing the Treasurer. I refer the minister to the latest inflation figures, which show that the headline rate has increased to 3.9 per cent for the year to September and is growing. Are not the latest inflation figures now well outside the Reserve Bank’s target range of between two and three per cent? Why did the Prime Minister describe the inflation rate as extremely low by historical standards? How could the Prime Minister, Mr Howard, be so out of touch that he thinks that growing price rises across the economy, including almost a 10 per cent increase in the cost of food, are extremely low rates of increase for families to have to cope with?