00:00First of all I take responsibility for all aspects of my job including playing
00:04a helpful role in the fight against inflation. We found $114 billion in
00:10savings, we've made sure that over the course of 2025 private demand, the
00:15recovery of the private economy played a much bigger role in generating demand
00:19than the public economy which retreated in the first half of 2025. Sometimes what
00:26happens here is our political opponents deliberately and dishonestly try and
00:30conflate two things. The first point that public demand is part of the calculation
00:36of aggregate demand in our economy is not contested by me or by anyone who thinks
00:41about these issues. But the reason why inflation came in higher than the Reserve
00:48Bank and others expected towards the end of last year is because the private
00:51economy recovered quickly, quicker than they were anticipating. And that's the
00:56point that the Governor and others have made really quite clearly. When it comes
01:01to the fight against inflation, again since the government was elected we've got
01:06inflation much lower than it was under our predecessors and certainly much lower
01:10than it was when it peaked towards the end of 2022.
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