Penny Wong (SA, Australian Labor Party, Minister for Foreign Affairs) Share this | Hansard source

I'd make two points about both inflation and growth. First, in relation to countries overseas, inflation peaked later and lower here than in most comparable nations. Rates started rising here later than in most comparable nations, and they rose by less in Australia than in most of these nations, including the ones you've outlined. Remember also that some two-thirds of the OECD have had a negative quarter of growth. Your prescription would ensure that we'd be amongst them.

That is their economic prescription for this country: lower wages, less cost-of-living relief and fewer jobs. This government is spending because we want to cut $315 billion out of the federal budget, which would include Medicare and pensions. Well, you can't get to $315 billion without doing that.