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Balance of Payments shows government has no answers

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Senator Jim Short Deputy Leader o f the Opposition in the Senate Shadow Minister for Finance Assisting the Leader on Commonwealth/State Relations

SMF 113/92

Balance of Payments Shows Government Has No Answers

The $1,800 million deficit on the current account (seasonally adjusted) in October, released today is further evidence of the Government's massive economic policy failures. The Government has proved totally incapable of getting Australia producing and working again.

This month's result is the highest seasonally adjusted deficit since January 1990 - so this is the worst result for nearly 3 years.

It is the ninth successive monthly rise in the deficit. There can be no clearer evidence that there has been no progress on tackling the deep- seated structural problems in the economy.

The highest unemployment rate ever recorded is now coupled with this disastrous current account deficit.

And with these terrible facts in front of it, the Government is still not prepared to condemn the completely irresponsible and politically motivated strike action today.

The Government has no answers to the fundamental problems it has caused. Already, after only four months we have seen nearly half the forecast current account deficit for this year reached. One can only wonder how bad things will look if and when we see real growth back

in the economy.

These horrendous figures will be more grist to the mill in the election campaign which will be a referendum on Mr Keating's economic mismanagement and policy failure.

Canberra 30 November 1992 Contact: Rod Woolley (06) 277 3119