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Brace yourself for another dose of Keating hyperbole

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Peter Reith



Keating: The economy is now moving into the recovery phase of the cycle.

(30 May 1991, Economic Context of the Premier's Conference Press Release, p 8)

Keating: Australia was the first into recession and we will be first out...

(14 May 1991, Parliament Censure Debate)

Keating: We're seeing a recovery coming through now in housing approvals, we're seeing a turnaround in the stock cycle, you say the national accounts for the December quarter back

to positive growth.

So I think you can see a recovery coming through. But its relative strength will be a matter to determine after a few more numbers come in.

(4 April 1991, APR Report of Keating in Port Pirie)

Keating: I think a lot of the lay offs are behind us. I think they laid them off last year, particularly big companies. I think they're quite lean.

(25 March 1991, APR Interview)

Keating: The worst in now behind us. The Government established the strategy to deal with the current account deficit and inflation and has stuck to it and is succeeding.

... We are, I think, starting to recover and the prospects for growth are promising and we will see in time whether we think we can say then at some point hence that we are out of the recession.

(21 March 1991, National Accounts Press Conference) _>Μ^ ^ ^ — ιΜ ^-υι..ιι.ι·*-ΐ| *ΐ|ΐιΐ' "ΊΤΙ--- · “


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Keating: No. No there won't be (1 million unemployed this year).

(14 March 1991, John Laws Interview)

Keating: ... We're setting up a market economy but built around a compassionate policy. As usual we are leading the world.

... In a sense we defeated capitalism and what the Labor Party is doing now is redesigning capitalism.

... If we get the economics right then the security we will give our people will be really quite profound by an international comparison.

(10 December 1990, The Canberra Times)

Keating: We won't stay too low for too long. I mean the economy will recover and in this budget we say it'll recover in the second half of the financial year.

(4 October 1990, 7:30 Report)

Keating: There is no prospect of massive increases in public spending, full stop. ...If you're savings-poor you can't have it - like the people who say we've got to have a super highway from here

to there... People here believe they can have brand new roads, buildings, brand new everything - well they can't.

(6 September 1990 The Age - no transcript of speech to the Australian Institute of Company Directors available)


. . . This year inflation will fall further, the current account deficit will markedly improve and employment will pick up. In short, the kind of outcome the Government was seeking, delivered without the misery and despair of high unemployment and a savage recession.

... it is a Budget that will keep us in the right financial shape as we enter the 1990s.

(21 August 1990, Budget Speech, Parliament)

Keating: These are definitely the golden years of change. Of course they are the golden years of change.

(August 1990)

Keating: Investment is the life blood of the economy - without it our current account and debt situation cannot be addressed, and what we're seeing today in these capital expectations data is the likelihood of another strong rise in investment

in the financial year 1991...

(8 March 1990, 3L0)

Keating: We won't have a scorched earth policy, we won't destroy business activity, we won't destroy employment.

(28 February 1990 AM Program)

Keating: In three years there will be no Government debt, domestic or external. It's an enormous claim that I can make on behalf of the Government of Australia. I doubt there is any other OECD economy that will not have any bonds on

issue at all.

(23 January 1990 Press Conference)

Keating: ... As a result fo the Government's economic policies Australia will emerge from the recent high level of spending without a recession and with its economic and

social structure improving.

(15 August 1989, Budget Speech, Parliament)

Keating: We are now putting into place the investment which would power the Australian economy along for the next decade.

(30 November 1988, AFR)

Keating: Frankly, we are at the point where there is nothing left to reform.

(4 November 1988), Asia-Pacific Foreign Exchange Assembly)

Question: The crowning glory, perhaps your last Budget? Keating: Oh no, I'll probably do more, but the fact is, in terms of

fiscal policy, without a doubt the crowning glory of anything the Australian Treasury and any government have ever produced."

(24 August 1988, TVAM)

Keating: ... I can report to the people of Australia that the nation is successfully emerging from its most severe economic crisis in a generation.

... Australia has continued to grow and we are now well on the way back to prosperity.

This year our balance of payments deficit will be halved from its peak of just three years ago. Our foreign debt burden has already stabilised and begun to fall.

(23 August 1988, Budget Speech, Parliament)

Keating: This is the one which brings home the bacon.

(23 August 1988, Tonight Program)

Keating: This is the great coming of age of Australia. This is the golden age of economic change. Journalist: How much credit do you take? Keating: Oh, a very large part.

(19 September 1987, Midday Interview)

Keating: We have turned the corner and the big gaps in the trade accounts have begun to close.

... This is an achievement of historic proportions.

(15 September 1987, Budget Statement, Parliament)

Keating: . .. what we are saying is the worst is over about the

current account deficit.

(2 July 1987, The World Today)

Keating: Tonight I can report that Australia is winning...

... We now have a competitive edge. We are exporting more. We are importing less. And more of what we need we are now making in Australia.

(13 May 1987, May Statement, Parliament)

Keating: ... If we were providing these policy settings and outcomes in Western Europe, they'd be lighting candles to us in cathedrals.

(30 September 1985, AFR)

Keating: (On promises to the Australian people)

I want to make three commitments.

The first is I pledge to give everything I have got to the job and the country.

The second is to deal honestly with the people, to tell them the truth.

The tough times of course the temptation is always to gild the lily. I will be resisting that temptation as much as is humanly possible. I'll speak honestly with them, to them, and realistically, and I'll listen accordingly.

(19 December 1991, Transcript of Press Conference)

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26 February 1992 Canberra

Contact: David Turnbull (06) 277 4277 D20/92