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The worst recession in sixty years!



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Peter Reith

DEPUTY LEADER of the OPPOSITION PRE S S RELEASE SHADOW TREASURER

THE WORST RECESSION IN SIXTY YEARS!

It is a sad indictment of the Hawke Government that the new

Treasurer, John Kerin, waited until he was out of the country before he was prepared to confirm that Australia has experienced its worst recession in sixty years.

Speaking at the International Monetary Fund (IMF) annual general meeting in Bangkok today, Mr Kerin finally came clean on the true depth of the recession the Hawke Government told Australians they had to have.

According to AAP, Mr Kerin told the IMF:

"We have experienced our most severe recession for 60 years, and there has been a sharp cyclical

turnaround in our fiscal situation from surplus to deficit."

Mr Kerin's frank admission is to be welcomed, but one can't help but wonder why the Treasurer was prepared to give foreigners an honest insight into the depths of the recession before he was prepared to tell the truth to the Australian people themselves.

Could it be that the Prime Minister didn't want the embarrassment of such an admission on Australian soil?

On arrival home, Mr Kerin should call an immediate press

conference and give the Australian people an update on the true depths of the recession.

He should also explain why he was prepared to tell the rest of the world before he was prepared to tell Australians the truth.

16 October 1991 Canberra

Contact: David Turnbull (06) 2774277 D117/91

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