Dr CHALMERS (Rankin—Treasurer) (14:39): In the last minute or two, we got the perfect illustration of the reckless arrogance of the opposition leader and the comical cluelessness of the shadow Treasurer. In one little vignette in question time, all the reckless arrogance from this guy and all the comical cluelessness from his offsider who sits behind him— The SPEAKER: The Treasurer is just going to return to the question. Dr CHALMERS: The point that the Reserve Bank governor made yesterday, which I welcome because it is 100 per cent consistent with the point that I've made on a number of occasions, is that my major focus—this government's major focus—is the fight against inflation. That's what Governor Bullock said yesterday. Governor Bullock acknowledged again that my main focus and our main focus is fighting inflation. She said, in a way that I'm perfectly comfortable with, that, when I talk privately with the Governor of the Reserve Bank, I make it clear that inflation is our highest priority. That's not the only point that Governor Bullock made yesterday. She made three major points. That was one of them. In another major point that she made, she reminded those opposite and the country more broadly that, when it comes to inflation, public demand is not the main game. She said that again yesterday. The third important point that was made yesterday by the governor in her press conference and in her statement is that inflation has fallen substantially from its peaks in 2022 and is coming back to target in a reasonable way—another good point made by the Reserve Bank governor. Mr Taylor interjecting— The SPEAKER: Order, the member for Hume. Dr CHALMERS: If the shadow Treasurer wants to be accurate—it would be the first time, but if he wants to be accurate then he should acknowledge in this place that the Reserve Bank yesterday released new forecasts for inflation where they lowered their forecasts for inflation. Inflation is already back in the target band for the first time since 2021, and the Reserve Bank made it clear with their new forecasts that they expect inflation to be lower than what they had earlier anticipated, and not just in a headline sense but also when it comes to underlying inflation. Mr Taylor interjecting— Dr CHALMERS: I say to the shadow Treasurer, who appears to be chirping away in some kind of incoherent way from over there, that if he's dark about inflation at 2.8 per cent he must have been absolutely furious when he was in office and inflation was 6.1 per cent. Most people in Australia understand, even if the shadow Treasurer doesn't, that 2.8 is smaller than 6.1. Inflation's a bit like golf; you want a lower number, not a higher number. When we came to office, inflation was more than double what it is now. It was much higher and rising; now it is lower and falling, and that's because, as the Reserve Bank governor rightly acknowledged in her comments yesterday, the fight against inflation is our No. 1 priority.