Mr BEAZLEY (2:56 PM) —Mr Speaker, my question is to the Prime Minister. I refer to economic modelling prepared by your preferred modeller, Chris Murphy, which formed the basis of the ACCC's pricing guide. Are you aware that Mr Murphy advised the ACCC that, `The lower cost of business investment will flow through to lower consumer prices in the long term but not the short term'? Are you aware that he further said, `This means that results from long-term models, including Prismod, the Treasury model, applied from five to 10 years'? Prime Minister, hasn't your preferred modeller confirmed that industry cost savings will take five to 10 years to be passed on to consumers, not three days as you claimed? I again ask you: why won't you produce your modelling to justify your claim?

Mr HOWARD (Prime Minister) —I have not recently read that modelling or indeed the ACCC submission. But let me say that, even if I were to accept the analysis of it by the Leader of the Opposition, I do not think it automatically follows from that that it takes five to 10 years for business to pass on cost savings. That is really what the Leader of the Opposition was arguing, wasn't he? Correct me if I am wrong. I am not misrepresenting him, am I? I would not want to do that, Mr Speaker. What he was asserting—and let us spell this out very carefully—was that that proved that it would take five to 10 years to pass on cost savings. I just happen to have the transcript of an interview in my hand. The interview was carried out yesterday and it was with the managing director of Woolworths.

Mr Crean —Oh!

Mr HOWARD —`Oh'? He only runs one of the largest retail organisations in the country, and he happens to preside over an organisation that has a lot more day-to-day contact with the consumers of Australia than does the Leader of the Opposition. I will tell you what he had to say. He was asked a question which goes very directly to the point asked of me by the Leader of the Opposition. It is right on it. Not even he could take a point of order on this. The question was:

To which the answer was:

In other words, what he was saying was that they were going to anticipate costs savings—not in five or 10 years but on 1 July. He then went on to say, in answer to a question about what I understand to be the subject of the question asked by the Leader of the Opposition, that is, oil companies and petrol:

Now listen to this:

All I can say is that I could not have put it more eloquently myself. I think Mr Corbett speaks for the responsible business community of Australia. All credit to him. There are cost savings. We think they ought to be passed on by all companies, not just some companies.