Economy
Background
The Reserve Bank of Australia recently increased interest rates, with opposition figures attributing inflation to government spending.
Question
The member asked whether the Prime Minister would accept responsibility for the recent rate rise, citing economist Stephen Smith's view that government spending was a driver of inflation.
Answer from Anthony Albanese
The Prime Minister stated that the Reserve Bank Governor attributed the rate rise to stronger-than-expected private demand, not government spending. He highlighted government measures to ease cost-of-living pressures, including cheaper medicines, bulk-billing incentives, student debt reductions, apprenticeship incentives, and free TAFE. He also noted upcoming tax cuts and criticized the opposition for failing to agree on cost-of-living measures.
Summary in reported speech - not a transcript. AI-generated, so check the source.
Read on OpenAustralia · Official Hansard (APH) · 2 points of order raised