Senator SHARMA (New South Wales) (14:00): My question's to the Minister representing the Treasurer, Senator Gallagher. Monthly inflation figures that came out yesterday show that inflation is again out of control and firmly above the Reserve Bank's target band, both in underlying terms and the headline rate. Penelope Smith, the Head of the International Department at the Reserve Bank, said in a speech yesterday: Factors that could push neutral rates higher include growing fiscal deficits … Is the Reserve Bank right or wrong? Senator Gallagher: Sorry, I didn't hear the quote you read out. There was just a bit of noise. The PRESIDENT: Can we be really quiet? Would you remind repeating the quote, Senator Sharma? Senator SHARMA: I was quoting Penelope Smith, the Head of the International Department at the Reserve Bank, who said in a speech yesterday: Factors that could push neutral rates higher include growing fiscal deficits … Minister, is the Reserve Bank right or wrong?