Ms JACKSON (2:22 PM) —My question is to the Treasurer. What important economic data has been released today? Has there been any recent commentary about the economic recovery?

Mr SWAN (Treasurer) —I thank the member for Hasluck for her question. Today we have had the Westpac-Melbourne Institute consumer sentiment index, and today’s data shows that consumer confidence fell modestly in February—down 2.6 per cent from the previous month. Westpac’s chief economist, Bill Evans, noted that ‘adverse developments in the global economy’ are likely to have weighed on sentiment. Notwithstanding this modest fall, we are encouraged that consumer confidence remains high and is still 36.4 per cent higher than it was a year ago. The data today shows that, while we can be confident in Australia’s economic recovery, we have no cause for complacency.

Of course, maintaining confidence in recovery is very important. It is important that our political leaders work hard to build confidence in our economy and not be out there talking down the economy. We still have a fragile global economy, and it is important that political leaders do not make risky and irresponsible statements that could jeopardise our recovery and put Australian jobs at risk. Today we have seen some more of the serial sloppiness from the economic team on the other side. In fact, they have had a shocker of a week—an absolute shocker. Today, the shadow Treasurer had to slap down the shadow finance minister. But also we have seen the risky behaviour of the shadow Treasurer, rushing out to claim that interest rates are on the rise and to misrepresent the statements of the Reserve Bank. The shadow Treasurer went out last night, all guns blazing, claiming there had been a speech by the Governor of the Reserve Bank that claimed that rates were going up because of the government’s fiscal policy. This was a complete misrepresentation last night by the shadow Treasurer, because what does this paper say? On page 1 it says this:

Mr Hockey interjecting—

The SPEAKER —The member for North Sydney is warned!

Mr SWAN —So sloppy is our Joe that he had not even read that message. But, of course, it gets worse today, because he goes out and continues to misrepresent what the Reserve Bank governor said. Today it is plain that the Reserve Bank governor was not saying what the shadow Treasurer said he was saying. The shadow Treasurer has continued to insist that he was saying that. This is what the Governor of the Reserve Bank had to say about fiscal policy and about the state of our national books on 28 September 2009:

That was in the Senate committee inquiring into the stimulus. If those opposite had their way, this country would be in recession right now. The shadow Treasurer is an embarrassment to all of those who sit opposite. He is a bit like parachute pants—popular for a while but nobody would be seen in them!

Mr Hockey —Mr Speaker, I seek leave to table a map of the world that actually shows Australia on it—the same Australia that you, Treasurer, claim is excluded from—

The SPEAKER —The member will resume his seat. Is leave granted?

Mr Albanese —Mr Speaker, I seek clarity: is that a serious suggestion?

The SPEAKER —Order! Leave is not granted.

Mr Billson interjecting—

The SPEAKER —The member for Dunkley is warned.