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Monday, 22 September 2008
Page: 8075

Mr HOCKEY (2:58 PM) —My question is to the Prime Minister. I refer the Prime Minister to his commentary that there will be ‘an impact on government revenues as a result of the global financial crisis’. Is the Prime Minister’s assessment based on lower economic growth or fewer jobs?

Mr RUDD (Prime Minister) —If the honourable member were to look at the government’s budget forecasts he would see that, in terms of the rate of economic growth for the period ahead, we have obviously projected a softening of growth consistent with the softening of growth across the global economy. Secondly, what follows from that is that public revenue also softens. One follows from the other. I would have thought that the honourable member would understand that.