Dr CHALMERS (Rankin—Treasurer) (15:20): I answered this question when the member for Cook asked it a moment ago. The member for Casey is making the same mistake that the member for Cook made and the member for Fairfax made as well. That is to conflate two very different things. Now, if the member for Casey was listening a moment ago to my answer to the member for Cook, he would have heard me say that 'public is part of aggregate demand' is not contested by anyone. The question is whether the— An opposition member interjecting— Dr CHALMERS: No, I didn't. The question is whether public spending is responsible for the higher-than-expected tick-up in inflation towards the end of last year. Here I refer the honourable member, as I referred the other member and the one up the front for the time being, to what the governor of the Reserve Bank actually said: … public demand's contribution … has declined … And we were surprised in the first half of 2025 that it declined as much as it did. And we have been surprised in the latter part of 2025 by … private demand, on the upside. They are facts. They made a similar point in the media release that they put out on the Tuesday. Governor Bullock made that point a number of different ways on Friday as well. What those opposite are desperately trying to do is verbal the Reserve Bank governor in an attempt to drag her, I think, in an unedifying way into a political contest because they're desperate to distract from the fact that they are hopelessly divided. It is a shambolic opposition, and the more divided they are, the more desperate they become in trying to verbal the Reserve Bank governor. It's possible to understand, as I do and as the Reserve Bank governor does, that public demand is part of aggregate demand and also to acknowledge, again as I have and as the governor of the Reserve Bank has, that the tick up in inflation towards the end of last year, which was unwelcome and led to the interest rate decision last week, was primarily because of the uptick in private demand that the governor has referenced herself on a number of occasions. I would encourage those opposite to be more respectful of the governor, to quote her accurately. Last week, the opposition leader tried to drag the Treasury secretary into it, and now they're trying to drag the Reserve Bank governor into it as well. They should understand that they are referring to two very different things. I think that they are deliberately conflating them to try and cover up for the fact that those opposite are a three-ring circus. This government won't be distracted by them.