00:00Most economists expect the national accounts figures which come out tomorrow to show an
00:06economy which is soft and subdued.
00:09We're not expecting lots of growth in the June quarter in these numbers that we get
00:13tomorrow.
00:14We'll see what they say.
00:16But really what we've got here is a combination of global economic uncertainty combining with
00:21higher interest rates and persistent price pressures here in Australia.
00:26Those things are combining to slow our economy quite substantially, we expect.
00:30We've got a very good, close working relationship with the Governor of the Reserve Bank, someone
00:35I've got a lot of respect and regard for.
00:38And the comments that I made on Sunday night were entirely consistent with things that
00:42I've been saying for some months actually.
00:43They weren't new comments that I made over the weekend which have been reported extensively
00:48since then.
00:50And I think it would be a bit strange, frankly, if the Treasurer of Australia couldn't point
00:54to the sorts of things which are slowing our economy.
00:57And I think it's self-evident from the economic data, whether it's the global economic uncertainty,
01:01the persistent price pressures or these higher interest rates, those things are all combining
01:06to slow our economy in quite substantial ways.
01:09That's what economists think.
01:11That's what I think.
01:13And I think it's entirely fine for me to make those points.
01:16You know, we've got different responsibilities, the Governor and I, but we've got the same
01:20objective.
01:21And our objective is to get on top of this inflation challenge in our economy without
01:24making life harder for people or smashing an economy which is already weak enough.
01:30And so those are the points that I've been making really for some months.
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