Katy Gallagher (ACT, Australian Labor Party, Minister for the Public Service) Share this | Hansard source

I thank Senator Cash for the question. The senator is correct that the Reserve Bank, at 2:30 today, increased interest rates by 25 basis points to 3.6 per cent. It's the 10th interest rate increase since they began in May 2022, prior to the election, when we entered the tightening cycle because of what was happening with the inflation challenge. I do not accept the proposition put by Senator Cash that this is something that has occurred since the election. It was started before the election. The issues that have led to the tightening cycle, which have been impacted by some of those global factors—which I think we all accept—started before the last election. The cost of living is the real issue facing households. It's good that we've come to it, because the cost-of-living pressures are real on households. That's why the government has been making some difficult decisions around the cabinet table, because of the difficult decisions people are making around their kitchen table. That is why we have energy power bill relief coming in the budget to deal with it—that you opposed! So don't you dare sit here and cry crocodile tears about the cost-of-living crisis—