Senator DEAN SMITH (Western Australia) (14:16): Public sector spending reached a record high of 27.3 per cent of GDP in the June quarter, with economists and the RBA now effectively ruling out an early 2025 rate cut and forecasting no cut until at least July, August or even later. Senator Watt: What are you going to cut? Senator DEAN SMITH: Minister, as rates stay higher for longer and insolvencies rise, real disposable income goes backwards and our standard of living diminishes— (Time expired)