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

I don't believe the Reserve Bank puts it in the way that you have just put it there. In fact, the Reserve Bank has acknowledged that the decisions that we are taking, such as delivering a surplus, are actually helpful at this time. Two surpluses delivered, savings found, lower debt, making appropriate cost-of-living investments where we need to—we work hand in hand with the Reserve Bank. They have their job to do.

But it is no secret that higher interest rates are having an effect on household consumption, and that's been reflected in the national accounts. For a treasurer or a finance minister to make that point of fact is not unusual. Inflation is moderating in welcome ways. Again, I remind those opposite who are so shocked about it now: you must have been absolutely terrified when it had a six in front of it under your watch.