Mr GARETH EVANS —My question is addressed to the Treasurer. I refer him to reports today that the Australian Bureau of Statistics is working on a new statistical measure of inflation to replace the existing consumer price index. Will the Treasurer guarantee that all social security beneficiaries, including families, pensioners and unemployed people, will not be made worse off by any change in the method of calculating the CPI? In particular, will he guarantee that if increases are less under any new measure than they would be under the existing CPI measure, the existing measure will continue to prevail?

Mr COSTELLO —The ABS is considering revising its methodology in relation to the collection of information and the announcement of the consumer price index. It is doing that because around the world the discussion is going on as to what are the most appropriate measures of doing that. You would be aware, no doubt, that the US authorities have recently changed the way in which they calculate price movements in the United States. The reason why you try to improve your methodology all the time is so that you get the most accurate index. And once you get the most accurate index, you index to that index; that is the whole point. You would not come up with a new CPI and say, `This is the proper measure of the way in which prices have moved but we will try to harness benefits to an improper method.' The sole reason for doing it is to ensure that you have the most accurate available figures, and that you index to the most accurate available figures, so that benefits move in line with prices. That is the sole object of it. I do not know whether the ABS will or will not come up with a new measure. It certainly was not initiated by me.

Mr Gareth Evans —You'll stick it in your pocket, though, won't you?

Mr COSTELLO —I can assure you of one thing, and that is that, once we get the most accurate measure, we will use the accurate measure.

Mr Gareth Evans —With all the reductions that entails, as in the US?

Mr COSTELLO —And I would have thought that you would have us do no other thing. We will use the accurate measure. Mr Speaker, he really is getting himself worked up today. He must have picked up the changes in the US when he was at President Clinton's inauguration when he went over, no doubt, to look at the state of the US economy.

Mr Crean —And what about Alan Greenspan?

Opposition members interjecting—

Mr COSTELLO —Oh, we do like to see you amused! He came back and he asked the CEDA whether he could make an economic speech. I do not know why he keeps doing this to the CEDA. What has the CEDA ever done to you that you keep inviting yourself down to speak with them? And he came out with the opposition's economic analysis. It was the first sentence of the opposition's economic analysis to the CEDA. It went like this: `The Australian economy may or may not be on the verge of a pick-up.' It may be day or it may be night. It may be up or it may be down. We might be Liberal or we might be Labor. But the one thing you can be sure of is that you would not understand it.