Economy
Background
The Reserve Bank of Australia was set to announce an interest rate decision, with economists predicting a rise. The opposition leader highlighted increased mortgage costs for Australians.
Question
The member asked the Prime Minister when the Treasurer's spending would end, citing predictions that interest rates would rise further and that government spending was fueling mortgage pain despite claims that inflation was under control.
Answer from Anthony Albanese
The Prime Minister stated that inflation had decreased from six per cent to three per cent since the government took office, while unemployment remained low and wages increased. He noted that the budget had moved from deficits to surpluses, allowing for debt reduction. He emphasized that the Reserve Bank had indicated government spending was not the primary driver of inflation. The government continued to implement cost-of-living measures, including cheaper medicines, free TAFE, and home batteries, which he claimed were opposed by the opposition.
Summary in reported speech - not a transcript. AI-generated, so check the source.
Read on OpenAustralia · Official Hansard (APH) · 1 point of order raised