Mr REID(4.06 p.m.) —Thank you, Mr Deputy Speaker, for the opportunity to continue my contribution in the consideration in detail stage on the Productivity Commission Bill. I was at the stage of drawing to the attention of the House section 8(1)(a), which quite clearly covers what the opposition are putting forward, and that says:

to improve the overall economic performance of the economy . . . to achieve higher living standards for all members of the Australian community.

The operative words are `for all members of the Australian community' and the `overall economic performance'. I want to use as one example of that the five interest rate drops in the 11 months since the Howard government has been in government.

What the honourable member for Hotham (Mr Crean) has put forward indicates an absence of understanding of what that clause 8(1)(a) does. It does cover everything. Interest rates have dropped substantially. Interest rates are available universally and they flow on to regional areas as well as to the metropolitan areas and the city centres of Australia. These drops have had a substantial impact on the improvement of many regional areas throughout Australia. We now have the lowest interest rates since 1974, far lower than we had under the previous government, at 7.55 per cent, which was announced by the Treasurer (Mr Costello) today—a substantial drop of 2.95 per cent.

Under clause 8(1)(a), those interest rates are available in regional areas of Australia, without the opposition's amendment. I want to particularly draw the House's attention to the fact that, if you compare that with the previous government's record and the impact that interest rates had then on the regional economy—when your rates varied between eight per cent and rose up to levels of 21 and 22 per cent at their worst—the flow-on to regional areas occurred then and was quite significant. In fact, it was extremely damaging to regional areas and sent many hundreds of small businesses bankrupt. As a result, your policies created massive unemployment losses. I am saying to you that you have overlooked the fact that clause 8(1)(a) covers every section of the community.

Mr Crean —It doesn't.

Mr REID —It does. It says `standards for all members of the Australian community'. Nothing could be more clear than that; nothing could be more encompassing than that—`the overall economic performance of the economy . . . for all members of the Australian community'. Thankfully, we on this side of the House can see that our policies have brought about substantial interest rate drops and that people in regional areas are enjoying the benefits of them. (Time expired)