Senator FERGUSON (3:09 PM) —I cannot believe that Senator O'Brien would raise the question of interest rates. Where on earth was Senator O'Brien in the early 1990s when the Labor Party deliberately allowed interest rates on housing to get up to over 17 per cent? He was certainly not in this place. He certainly would not be in here defending any movement on interest rates. This government has been able to manage the economy for the past four years in a way this country has never seen since the early 1980s, when the Labor Party came to power.

It is very interesting that Senator O'Brien should choose to take note of Senator Watson's question to Senator Kemp. I can only assume one thing, and that is that Senator Lundy and Senator O'Brien and all the senators on that side are very happy with all of the answers they got to their own questions. That is the only assumption you can draw from that. Senator O'Brien chooses to take note of a question that was asked by Senator Watson because they have received adequate answers to all of the questions that they put today. So that is why they chose that one.

Senator O'Brien, the last thing you want to do is to start quoting from transcripts of radio or television interviews. If you want to read a gem, read the transcript of Daryl Melham's interview with Laurie Oakes—read it over and over again. At the end of the day you still will not be able to understand what Labor Party policy is—not until you have had a chance to sit down and think about it. We will sit down for a while, we will contact all the stakeholders, we will come up with a policy. Just read the transcript of Daryl Melham's interview with Laurie Oakes and make sure you use that as a basis for all of your future interviews. I can promise you that the people on this side of the chamber will not allow you to forget that you are in a policy free zone. Daryl Melham in his interview with Laurie Oakes only confirmed all of that.

Senator O'Brien, what you did not say and what you will never admit is that the GST is now part of your policy. The GST is now the only policy that the Labor Party has. Senator Conroy was talking on Australia's public views of the tax reform package. He uses words like this:

Senator Conroy, you must still oppose these tax cuts. Senator Conroy is back. He refuses to guarantee the tax cuts to the Australian people which we promised prior to the last election and which they voted for. Senator Conroy said, on 10 April:

So does that mean, through you, Mr Acting Deputy President, that Senator Conroy believes that, because the Governor of the Reserve Bank has said nothing about it, it is inflationary? Senator Conroy has a lot to learn when it comes to this package. All we want to hear from Senator Conroy is that the Labor Party is going to maintain the GST as part of its tax policy. The other thing we want to hear Senator Conroy and Senator O'Brien and Senator Lundy say is that they will deliver on the tax cuts. But they will not say it. The roll-back of the taxation package has been promised, but never have they said where it is going to be rolled back, and never have they said how they are going to pay for it. They will not guarantee the tax cuts that we promised to the Australian people prior to the election campaign. The one thing you can believe about this government is that they will deliver those tax cuts on 1 July to the Australian people.

So I welcome Senator Conroy's comments. I know he is going to get up and say that yes, he now supports the GST, that he does believe that Australians should have tax cuts and that the whole ANTS package and the reform of the taxation system is good for the Australian economy. It must be good because he does not want to see it changed, and neither does Senator O'Brien. (Time expired)