Senator CORMANN (Western Australia—Minister for Finance, Vice-President of the Executive Council and Leader of the Government in the Senate) (14:23): It is absolutely no secret that the Australian economy is facing global economic headwinds and is dealing with some downside risks in the domestic economy—it is absolutely no secret at all—which is of course why Labor's agenda of higher taxes and the politics of envy was precisely the wrong way to go. It would have made our economy weaker. It would have put jobs at risk. It would have left all families worse off. In a way, we've actually won that policy argument, because the Labor Party, having argued for $387 billion in higher taxes in the campaign, are now saying that we should have more tax cuts sooner because that's the right thing to do by the economy. On one hand you say that we need more taxes for the economy and we can't legislate tax cuts in the future because that's bad for the economy, and now you're saying that we need more tax cuts sooner, even though the budget can't afford that. Senator Wong: Stimulus! Senator CORMANN: 'Stimulus', Senator Wong says. We have a plan to build a stronger economy. It is a plan that we took to the last election— Senator Gallagher: On a point of order: the question was very direct. It asks how the Treasurer describes the current cash rate. We haven't got to that point yet. The PRESIDENT: You've reminded the minister of the question, and I call Senator Cormann to continue. Senator CORMANN: In Australia, monetary policy and fiscal policy are absolutely heading in the same direction. Our budget is a pro-growth budget. Over the last two financial years, we have put forward $302 billion worth of income tax relief for hardworking families and a hundred-billion-dollar infrastructure investment pipeline. Of course, the Labor Party is arguing in favour of higher taxes. As to their current proposition—maybe that might be position five or seven; I don't quite know the page—their current position is to have lower taxes because that helps the economy, but they're arguing at the same time that we should have higher taxes in case there is trouble in the economy down the track! The Labor Party position on tax and on economic policy makes no sense at all. I think you need to go on a retreat and seriously think about it, and see what your consensus position actually is. The PRESIDENT: Order on my right and left! I'll call Senator Keneally when I can hear her.