00:00The uptick in inflation, the pressure on the outlook, is coming from private demand.
00:05I remind him again, Diana Messina from AMP, government spending has peaked and the growth
00:10in government spending is going to add less to inflation.
00:13Belinda Allen from the Commonwealth Bank, the public sector's contribution to growth
00:17has eased significantly.
00:18Lucy Ellis from Westpac, public sector demand growth is slowing and indeed was negative
00:23over the first half of 2025.
00:25They couldn't be clearer, Mr Speaker, there are a number of economists who have pointed
00:29out, as have the Reserve Bank today, that what's happened with the inflation outlook is an
00:34upside surprise in private demand, not public spending.
00:37Now, the Shadow Treasurer and Shadow Assistant Treasurer should also know, now that the statement
00:44has been out for almost half an hour, that the Reserve Bank Board itself has said the pressure
00:50is coming from private demand.
00:52So, a bit like his friend earlier on, I encourage him to read the Reserve Bank statement that
00:57they put out.
00:58Similarly, the statement of monetary policy makes it clear that the pressure is coming
01:02from private demand, not public demand.
01:04Now, on the last part of his question, Mr Speaker, about taking responsibility, I think in the first
01:16answer today I made it really clear, I take responsibility for all parts of my job.
01:20I take responsibility for playing a helpful role in this fight against inflation.
01:26And I remind the House that one of those things I take responsibility for is cleaning up the
01:35mess that was left to us by those opposite, who had inflation higher than 6% and absolutely
01:40roaring.
01:41The same people who had bigger deficits, never delivered a surplus, didn't show spending
01:46restraint, took to the election of policy for higher income taxes, bigger deficits and more
01:51debt.
01:52Of all of the people that I would take a lecture from on responsible economic management, not
01:57one of the three far-right parties over there would be on the list.
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