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Wednesday, 5 September 1984
Page: 438

Senator TOWNLEY —I give notice that, on the next day of sitting, I shall move:

That the Senate-

(a) recognising that this country is becoming one of the most indebted in the world, with liabilities per head in excess of Argentina, Mexico, Chile, Poland and Brazil;

(b) conscious of the fact that we are now spending more on public debt interest than we do on education, and almost as much as we do on defence;

(c) being aware of the manner in which our public debt interest has grown from $887m or 4.9 per cent of budget outlays in the budget year 1974-75 to a staggering $5,601m or 8.8 per cent of outlays in 1984-85, and

(d) taking into account the fact that if any of our major exports collapse the Australian economy will be liable to a most serious economic collapse;

(e) calls on the Hawke Socialist Government to recognise the extreme danger of the situation and take immediate action to reduce government borrowings.