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Order of the Day read for the adjourned debate on the motion of Senator Messner-That the Senate, condemning the Hawke Labor Government for its mismanagement of the Australian economy which has resulted in-

(a) huge rises in the cost of living, particularly in food prices which have increased by 8.6 per cent for the 12 months to December 1986;

(b) the highest interest rate regime in the Western world, in particular, home loan interest rates which are at their highest levels since the Great Depression, resulting in a drastic downturn in home ownership in Australia;

(c) huge increases in the prices of motor vehicles of approximately 40 per cent since 1983 which are a direct result of misguided Government policies, the depreciation of the Australian dollar and the introduction of the fringe benefits tax, resulting in lower sales and reduced opportunities;

(d) falling disposable incomes for the majority of Australians caused by higher taxes as taxpayers move into the higher Keating tax brackets;

(e) lack of job growth and continuing high levels of unemployment, particularly amongst our youth who are experiencing an unemployment rate between 21 and 23 per cent;

(f) continuing high current account deficits, averaging in excess of $1b. per month on our balance of payments caused by inappropriate cost containment policies;

(g) low levels of investment in new job creation industries such as import replacement and export industries; and

(h) rapidly increasing foreign debt which has trebled since 1983, currently approximately $100b. and is estimated to increase by a further 50 per cent over the next 3 years unless Government policies are changed,

calls upon the Hawke Labor Government to introduce a mini-Budget to include lower and flatter rates of income tax, significant reductions in Government expenditure, and the abolition of the fringe benefits tax, capital gains tax and the lump-sum superannuation tax-And on the amendment moved thereto by Senator Vigor, viz: Leave out all words after ""include'', insert ""lower rates of income tax for Australians, and measures to encourage export-directed industries with a high value-added; control flows of speculative capital in and out of the country, including introduction of a tax on moneys leaving the country; implement a significant and cost-effective reduction in Government expenditure; close off the taxation rorts of transfer pricing and negative gearing on interest paid on money borrowed for company takeovers; and calls on all parties and all Australians to unite in an effort to overcome the current economic crisis facing Australia.''.

Debate resumed.

Pursuant to Sessional Order, consideration of General Business was interrupted.