Mathias Cormann (WA, Liberal Party, Vice-President of the Executive Council) Share this | Hansard source

We respect the independence of the Reserve Bank and, of course, we respect the fact that it is their job to determine monetary policy settings based on their assessment of the economic information and data in relevant consideration that they appropriately pursue.

I would also make the point that the Australian government is pursuing a pro-growth economic strategy enshrined in our budget. That is in stark contrast with the alternative policies taken to the last election by the alternative government, which was delivering a socialist, antibusiness and high-taxing agenda which would have weakened the economy, which would have created more unemployment and which would have led to lower wages.

Since the election, of course, we have legislated another $158 billion worth of income tax relief, which takes the level of income tax relief legislated over the last two years to more than $300 billion. More than $23 billion of that has been returned to the pockets of hardworking Australians since the middle of July. And, indeed, we continue to implement a very ambitious infrastructure investment program, with our $100 billion federal Infrastructure Investment Pipeline.

Indeed, let me reassure Senator Wong and all senators that the government's fiscal policy continues absolutely to run in the same direction as monetary policy, and that we are very, very respectful of the Reserve Bank.