"Underlying base interest rates are an international mechanism influenced by the free flow of trillions of dollars and global market conditions. The margin between Australian and US interest rates is a result of our domestic financial management.

"At the peak of Labor's last attempt at Australian financial management the average short term interest rate in Australia was 17.6% whilst the rate in the US was 9.3% so the management factor was a difference of 8.3%. The resultant overdraft rate for many small businesses was in the 20% range.

"Today the rate in Australia is 6.5% and the US 5.3%, a difference of only 1.2%, which is a better indicator of the current record.

"Unfortunately the Labor Party did have a record; it was the record for the greatest disparity between Australian rates and US rates. This is the record which needs to be discussed and it resulted in the financial destruction of so many Australian businesses and individual wealth creating opportunities.

"The reality is the Australian Labor Party has less business experience on the front bench now than they did then. Running a small business whilst dealing with a screaming bank manager is an unfortunate but essential insight into what interest rates are all about." Senator Joyce said.