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

Can I just be clear that I understood Senator McKenzie was saying that an answer in relation to inflation was not relevant to an answer about mortgage rates.

Exactly. My point is that inflation is the key thing that governments can do in relation to mortgage rates, Senator. The independent Reserve Bank—which should be independent, despite what Mr Dutton might have said—sets mortgage rates and sets the cash rate. Governments can do what we can to reduce inflation. Inflation under us has a two in front of it; inflation under you has a six in front of it. I would say to you, respectfully, President, that on a question about mortgage rates, particularly given that it is not governments which set mortgage rates but the Reserve Bank, it is quite relevant to talk about inflation.

If the opposition want to say that it's not relevant to talk about inflation, they are demonstrating, with respect, the same economic incompetence that the nuclear fantasy policy demonstrates.