Mr GARETH EVANS —My question is directed to the Treasurer. It follows the answers he gave earlier both on investment expectations and the Asian economic situation. In the light of the deterioration in Asian economies which has now extended to North Asia, which President Clinton, among others, has described as a threat to the rate of world economic growth, what is the Treasurer's current estimate of the extent of the negative impact of all this on Australian growth and jobs next year? Is it realistic for investment expectations to be maintained at the level they may have been when tested just before the crisis extended to North Asia? Is it realistic to hope, if this was ever the case, for four per cent growth in 1998? Do you now expect lower growth than you forecast in the budget?

Mr COSTELLO —I will try to answer it seriously.

Mr Beazley —Thank you so much.

Mr COSTELLO —If the Leader of the Opposition does not interject, I will try to answer it seriously. That would be a different event because, as I have said, I think—

Mr Crean —It's Precious Pete. Go home, you great wuss.

Mr COSTELLO —The member for Hotham interjects and he reminds me of a cocky in a pet shop. Cocky want a cracker! Just transport, he says every time. The question was in relation to growth. As I have said on a number of occasions, obviously there will be a downturn in South-East Asia and indeed in North Asia in relation to the currency and financial crises. That will affect Australian exports. Exports are part of the Australian economy and that will have an effect on Australia. To attempt to quantify it would be misleading at best because nobody knows the full extent of the fallout on Asia or the full extent of the fallout on Australia. You would not make assessment until you were aware of the full fallout in relation to that. I have said that on a number of occasions and the position is always the same. What would be the point of making such an estimate? We will make an estimate of growth in the Australian economy at the time of next year's budget. That is the time at which we do it and that is the time that we will put it out. I cannot see any significance in doing otherwise now.

What we can say in relation to the Australian economy is that, if you want an indicator as to where the Australian economy is, you will get the best indicator in the national accounts which will be released next week. Over the course of the last two quarters of this year we have had growth of about one per cent which is consistent with an economy growing between three per cent and four per cent—probably closer to four per cent than three per cent. As I have said before, that is very strong by world standards.  The other point I would like to pick up in the Deputy Leader of the Opposition's question was that somehow we should not trust the investment expectations because they were taken before the full brunt of the Asian economy fallout. They were taken at the time of the financial instability in Asia.

Mr Gareth Evans —When you were saying that it was before the crisis extended to North Asia.

Mr SPEAKER —The Deputy Leader of the Opposition will cease interjecting.

Mr COSTELLO —Most people in Australia would have said that they would have affected investment expectations.

Mr Gareth Evans interjecting—

Mr SPEAKER —I warn the Deputy Leader of the Opposition.

Mr COSTELLO —Most people in Australia would today say, `Wasn't it good that they didn't.' That is what people in Australia would say. They would say, `Wasn't it good that there is strong investment intentions in Australia.' I think all Australians would say that, apart from one.

Mr Gareth Evans —Mr Speaker, I raise a point of order on the grounds of relevance. He is answering a question I did not ask.

Mr SPEAKER —There is no point of order. Resume your seat.

Mr Gareth Evans —I asked a question about the implications of the extension of the crisis to North Asia, not what it was in the first part of October.

Mr SPEAKER —I invoke standing order 304A in respect of the Deputy Leader of the Opposition.

Mr Beazley —Mr Speaker, I take a point of order.

Mr SPEAKER —Fine. The Deputy Leader of the Opposition will leave the chamber forthwith.

The Deputy Leader of the Opposition thereupon withdrew from the chamber.

Mr Beazley —Mr Speaker, the Deputy Leader of the Opposition was exercising his right to raise with you a point of order on relevance.

Mr SPEAKER —And I ruled it out of order.

Mr Beazley —The standing orders provide for relevance, Mr Speaker. They provide for relevance.

Mr SPEAKER —I invite the Leader of the Opposition to go and examine the standing orders in their totality. Is that your point of order?

Mr Beazley —My point of order is a question to you, Mr Speaker. Is there an entitlement upon members of this parliament to raise questions in relation to the validity of somebody's answer with regard to relevance?

Mr SPEAKER —There is no point of order. Resume your seat.

Mr Beazley —Well, Mr Speaker, there is.

Mr SPEAKER —There is no point of order.

Mr Beazley —Standing order 145 permits relevance to be raised.

Mr SPEAKER —The Leader of the Opposition will resume his seat.

Mr Beazley —Mr Speaker, I will resume my seat in deference to you.

Mr SPEAKER —I warn the Leader of the Opposition.

Mr Beazley —I resume my seat in deference to you, Mr Speaker, but we want an understanding about our capacity to raise these issues in parliament, and we will persist in doing so till we get it.

Mr SPEAKER —The honourable member for McPherson.

Mr COSTELLO —No, Mr Speaker, I am still going.

Mr Crean —Mr Speaker, I raise a point of order. I draw your attention to the fact that earlier today you warned the member for O'Connor, who has continued to interject and indeed was interjecting when the Leader of the Opposition was on his feet.

Mr SPEAKER —There is no point of order. Resume your seat. I have warned the member for O'Connor hitherto.

Mr Crean —Well why have you not—

Mr SPEAKER —We are not going to debate the issue. Resume your seat.

Mr Lee —Mr Speaker, I raise a point of order. Having given the call to the member for McPherson, you cannot now take that away and return it to the Treasurer.

Mr SPEAKER —There is no point of order. The Treasurer had not completed an answer and was kind enough to remind me of the circumstances regarding the concluding of his answer.

Mr COSTELLO —Thank you, Mr Speaker. I was coming precisely to the question that I was asked by the honourable member for Holt which was that, because the investment expectations were taken at a time of instability in Asia, we could not believe them or we could not believe them fully. They were the investment intentions which were taken at the time of the survey. They were taken at the time when the fallout was very clear in South-East Asia. Mr Speaker, I think all Australians, with the possible exception of the Australian Labor Party, would say, `Wasn't it a good thing that Australian firms, knowing what they did, still had strong investment intentions.' Why would anybody go around as the Deputy Leader of the Opposition did and say, `Well, look, don't think that there are good investment intentions because if you timed it differently we could have actually had a bad result,' and a bad result would be a good result for the Australian Labor Party. I just do not understand the negativism and the anti-Australianness of this negative way in which the Australian Labor Party is now operating.

I do point out that perhaps while the Deputy Leader of the Opposition is outside he will think about that and he will actually welcome the fact that we have strong investment intentions in Australia. Maybe even the Leader of the Opposition will rethink his position too and will welcome investment, jobs and growth and all of things that this government is about producing for the Australian people.