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Wednesday, 11 May 1994
Page: 561


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

  That the Senate notes—

  (a)that the 1994-95 Budget, delivered on 10 May 1994, squandered an important opportunity for the Labor Government to get its fiscal house in order;

  (b)that the Labor Government is now once again relying on highly dubious economic assumptions on growth, the current account deficit, interest rates and investment to try to dupe the Australian public into believing that everything is going to work out all right, when the facts are that Australia's economic recovery has shown no signs yet of sustainability;

  (c)the Labor Government is going to have virtually tripled Commonwealth debt from just over $30 billion in 1991 to almost $100 billion in 1995, and has hence put Australia's next generation into hock to pay for its irresponsible promises;

  (d)the 1994-95 Budget has not provided any measures to aid or strengthen the economic and employment recovery and has instead, by continuing a high budget deficit policy, put enormous pressure on interest rates to rise, hence stifling future economic growth; and

  (e)the 1994-95 Budget proves once and for all that Labor is unfit to manage Australia's finances and economic fortunes, and that the longer Labor remains in office the worse Australia's long-term prospects in an ever more competitive world become.