Mr BEAZLEY (2:16 PM) —My question is to the Prime Minister. Will the Prime Minister confirm that on ABC radio today he said: ‘The current weakness on our trade account will only be temporary’? Is the Prime Minister aware that Australia has recorded 39 monthly trade deficits in a row, that export growth under his government is under half that achieved by Labor and that, as a consequence, Australia is currently running its largest ever current account deficit, at 7.1 per cent of GDP? Is the Prime Minister also aware that the Treasury has already revised down by half, from eight per cent to four per cent, its export growth forecasts for this year? On what basis does the Prime Minister assert that the weakness on our trade account is only temporary? Where is his evidence?

Mr HOWARD (Prime Minister) —I did make a comment substantially to that effect. It is based on a belief—and there is evidence around of this—of an improvement later in the year of our export performance.