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Wednesday, 18 June 2014
Page: 6487

Mr HOCKEY (North SydneyThe Treasurer) (15:11): Madam Speaker, I seek the indulgence of the chair to add to an answer.

The SPEAKER: The minister may proceed.

Mr HOCKEY: I was asked a little bit earlier about the words of John Edwards, a Reserve Bank board member. I quoted the Australian Financial Review from yesterday, in which he said:

I've no doubt there is a budget crisis. We're accumulating debt as a higher share of GDP and of course in absolute terms, [it's] absolutely astronomical compared to far more serious episodes in Australian history, including recoveries from serious recessions …

I should have added this comment referred to him from the article:

He says even during the Great Depression we didn't see deficits as a share of GDP of the size we're now experiencing.

I table this report because the member for Lilley is in denial. He has never been one for the facts. I table it for his edification.