"It is very disappointing to see another interest rate rise. This will place immense stress on so many family budgets that are currently refinancing or negotiating loans.

"It was disappointing Mr Rudd and Mr Swan were not more proactive prior to the rate rise in arguing a case to keep interest rates down. Mr Rudd stated that he had to keep inflation under control which started to bring memories of another Labor Prime Minister who told us all 'this is the recession we had to have.'

"Mr Rudd has now delivered to Australia the interest rate rise he believed we needed to have. I do not believe that we had to have it now because of the immense uncertainty in international markets by reason of the impending US recession which would have major ramifications on economic activity in our economy.

"Mr Rudd now has stated publicly that he is now PM and he is responsible. I commend him for accepting the responsibility for his office, although it has taken a little while and now he must be responsible for the solutions or otherwise.

"Mr Rudd and Mr Swan are now at the political wicket. They tell us they have been there for over 100 days and they are responsible for the score. One of the first issues they must deal with in a more effective manner is housing affordability and the role state government taxes and land release contribute to that problem.

"The other impeding problem will be the explosion in fuel prices brought on by the devaluation in the Australian dollar by reason of a global economic slowdown and a reduction in the demand for our resources. The impact of these two events alone will have a disastrous effect on the budgets of Australian working families.” Senator Joyce said.