Nick Sherry (Tasmania, Australian Labor Party, Assistant Treasurer) Share this | Hansard source

The hypocrisy of the Liberal-National Party is breathtaking. Let me remind the chamber what Mr Turnbull said when interest rates went up by 25 basis points. When interest rates rose by 25 basis points in August 2006, this is what Mr Turnbull, the now irresponsible Leader of the Opposition, said:

I think the interest rate hike has been over-dramatised.

That is what the now opposition leader, Mr Turnbull, said in response to a 0.25 per cent increase in interest rates. As I have said on a number of occasions through you, Mr President, to Senator Coonan, correlation is not causation. What we do know is that borrowing costs are determined by global capital markets as well as movements in short-term interest rates as set out by the RBA. (Time expired)