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

Mr President, I ask a supplementary question. Given the minister’s interest in history, is he not aware that when Mr Howard was last Treasurer interest rates hit 22 per cent? Doesn’t the minister’s complete confusion yesterday and again today—he just could not answer the question on the contradictory answers that he gave yesterday—highlight the fact that the government broke its explicit 2004 election promise that it would keep interest rates at record lows? You have broken your promise. After nine interest rate hikes in a row, adding $457 a month to a $300,000 mortgage, how will our kids ever afford to buy their own home, when you break election promise after election promise on interest rates?