Ralph Babet (Victoria, United Australia Party) Share this | Hansard source

My question is to the Minister representing the Treasurer, Senator Gallagher. Having previously denied a link between money-printing and inflation, RBA governor Dr Philip Lowe finally admitted during recent Senate estimates that the expansion of the money supply, low interest rates and government support during the pandemic has driven inflation. Prior to the 2022 election the former coalition government ran up hundreds of billions of dollars of debt, with little to show for it but some expired PCR tests—and of course an artificially inflated property market, where it's nearly impossible for first home buyers to get into the market. Do you believe that the irresponsible and unprecedented debt accumulated by the former government has contributed to the inflationary pressures that are currently being felt by ordinary Australians? I will remind you as well that the Labor was in agreement with most of this.