Stephen Conroy (Victoria, Australian Labor Party, Deputy Leader of the Government in the Senate) Share this | Hansard source

I add my congratulations, Senator Hogg, on your elevation to President. The government has a very simple approach to trying to rein in inflation, unlike those opposite. This is a government that has inherited the highest level of inflation in 16 years. Those opposite remain in denial about the legacy that they have left ordinary Australians. Those opposite’s solution in the fight against inflation is to irresponsibly blow holes in the budget surplus. That budget surplus has helped the Reserve Bank to indicate that interest rates will possibly be reduced in the future. The Reserve Bank have done that because they have confidence that they have a government that is not asleep at the wheel. They are confident that they have a government that is up to the challenge of tackling interest rates and inflation. They are confident that they have a government that has introduced a responsible budget surplus that has taken some of the pressure off inflation and off interest rate increases. That is why they have given an indication that the interest rate environment is softening in this country. That is because of the responsible economic management adopted by those on this side of the chamber, not the cheap and populist panderings that are going on on the other side from those who have completely walked away from any pretence that they were responsible economic managers. I appreciate that, given that they had allowed the interest rates and inflation to grow and grow and grow—