Senator QUIRKE —My question is to the Assistant Treasurer. Is the Assistant Treasurer aware that last week the Prime Minister blamed the slide in the Aussie dollar on `poorly informed, economically illiterate' currency traders who could not distinguish between Australia and the rest of Asia? Is the minister also aware that the Secretary to the Treasury, Mr Ted Evans, has stated that the depreciation of the dollar has been orderly and that the financial markets have in fact differentiated between Australia and Asia? Can the Assistant Treasurer tell us which one is correct?

Senator KEMP (Assistant Treasurer) —For many years I have listened to Senator Cook make comments on a variety of issues. Senator Cook said one thing which was very wise, which is very relevant to this question. He said it was very unwise to comment on the value of the dollar, its direction or otherwise.

Senator Robert Ray —I rise on a point of order, Madam President. I think Senator Kemp is reflecting on the Prime Minister, who did speculate on the dollar, and the value therein.

The PRESIDENT —There is no point of order.

Senator KEMP —Thank you, Madam President. That is a fairly weak effort even for you, Robert. I tend to follow that principle and I will not be commenting on the value of the dollar.

Senator QUIRKE —I ask a supplementary question, Madam President. How does the Minister respond to the reported comments of Miss Lisa Finstrom, the senior currency and interest rate analyst at Salomon Smith Barney in New York, that Mr Howard's comments were similar to remarks made by Dr Mahathir last year and, when coupled with what she described as `Costello's snafus', could be damaging to the government's credibility?

Senator KEMP (Assistant Treasurer) —Can I say that was a very weak follow-up. I would have thought that Senator Quirke would have shown more flair than that. But that is always the problem when you have a written follow-up—you do not bounce off the answer. I have nothing further to add to my first comments.

Senator Hill —Madam President, I ask that further questions be placed on the Notice Paper .