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Wednesday, 3 December 1986
Page: 3221

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

That the Senate notes that-

(a) Australia's international credit rating has been downgraded by the Standard and Poor's agency in the United States, because of the size of Australia's balance of payments and debt servicing problems, following the massive rise in our overseas debt under 3 1/2 years of Hawke Labor Government;

(b) this latest downgrading of our credit rating follows Mr Keating's claim of 16 September 1986 that `the major United States rating agency, Standard and Poor's Corporation, has re-affirmed Australia's AAA rating by making it clear that it is not about to undertake a review as Moody's has';

(c) this latest downgrading follows Australia's worst ever monthly current account deficit of $1.7 billion in October 1986, and news early in December 1986 that Australia's foreign debt has now reached an horrendous $94 billion; and

(d) the only way to restore Australia's AAA international credit rating is to get rid of the Hawke-Keating Government, whose big-spending, big-borrowing policies have seriously worsened Australia's world standing.