Chris Bowen takes a dixer just so he can say: “the party of Menzies has become the party of Sky News frenzies” and Dugald Dick makes note that the member for Cook (whose name I learnt against my will) and the Nationals leader interjected nine and 11 times and they can now shut it.
Ted O’Brien then steps up for his ritual humiliation (it’s like a kink at this point)
The RBA ‘s forecast shows that if it were to offer any further rate relief, inflation would not get back to the 2.5% target. Noting the National accounts show Government consumption still growing faster than household consumption, will the Treasurer admit, that with his foot on the accelerator and the governors on the break, he is making it impossible for the RBA to offer further relief?
Jim Chalmers (who is feeling a bit calmer than yesterday, but no less annoyed it seems says)
Not for the first time the Shadow treasurers foot is in his mouth and the reason for that is the Reserve Bank made it very clear, in the course of coming to its decision earlier in the week, that Government spending had nothing to do with it.
They did not mention it in the press conference, they didn’t mention it with the press release and when they released the updated forecasts, when they released their updated forecasts, they downgraded their expectations for public spending on our economy.
One of the things that is happening in our economy I acknowledge there are a number of challenges but one of the welcome developments in our economy, is that the private sector has been taking over.
Over the last two or three-quarters the private sector has been regaining, resuming its rightful role as the primary driver of growth in our economy, for the last two-quarters public demand has made no contribution to growth.
The shadow treasurer really ought to know that, Mr Speaker. Now, in a week, with the opposition leaders judgement has been repeatedly called into question, I wanted to say I think it’s a credit to the strategic nous of the leader of opposition to give the shadow treasurer a question because nothing does the shadow treasurers leadership ambitions more harm, then to stand him in front of a microphone that is turned on.
A microphone that is turned on because I have already answered this question, Mr Speaker, earlier in the week and I made it very clear earlier in the week, Mr Speaker. I made it very clear earlier in the week, Mr Speaker. That if he is saying, that the Budget is the primary determinant of movements with interest rates in our economy, and we have had three interest rate cuts this year, including two interest rate since the Budget I handed down from the dispatch box in March Mr Speaker.
And if he wants to be honest about the view of the Reserve Bank, I encourage him to check out what Reserve Bank Governor said about the two surpluses we have delivered, and in the third year, the deficit is much smaller than we inherited and because of all of that debt is much lower as well compared to other countries and also I would say compared to what we inherited from those opposite.
The last point I would make, Mr Speaker, the shadow treasurer is precisely the last person I will take advice from when it comes to responsible economic management, is the guy who wanted to borrow hundreds of billions of dollars to build nuclear reactors which would push the price of electricity up not down.