Penny Wong (SA, Australian Labor Party, Shadow Minister for Corporate Governance and Responsibility) Share this | Hansard source

Well, Senator Ferguson, thank you very much for that contribution: yet more hyperbole from the Howard government, showing yet again how out of touch they are with what is actually happening for most Australian families out there. Senator Ferguson says, ‘It is not a surprise; we have had a cyclone,’ and all of that. Is he aware that two-thirds of the goods that are considered by the ANZ when looking at rises in prices have risen? Is he aware that food prices have risen about 10 per cent? This is the sort of increase in costs that Australian families are struggling under, and what do we have? We have Senator Minchin and the Prime Minister here today going on and on about inflation being at historic lows. They say, ‘We’ve had historic lows in inflation over our period in government,’ while families are struggling with an around 10 per cent increase in the cost of food.

When it comes to mortgage rates, let’s remember a couple of things. Let’s remember what interest rates were under John Howard as Treasurer—as Senator Sherry said, in excess of 20 per cent. Those on the other side like to gloss over the fact that under John Howard as Treasurer—