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Thursday, 29 October 2009
Page: 7687


Senator MARSHALL (6:11 PM) —I just want to make a brief contribution on this report too. A couple of things that Senator Ryan said in his contribution just do not pass the old laugh test. People here forget that you should actually put things up and test them for their veracity. Senator Ryan put it to us that an economist predicted that the currency would go up. Well, there you have it! Currencies have two ways to go. They can go either up or down. And, because of the fact that an economist predicted that the currency would go up, therefore his whole economic theory that espouses support for that should be absolutely believed and is the only credible point of view to put before this Senate—you have got to be joking! If that is the sort of argument that you are putting forward to support your case, Senator Ryan, I suggest you go and do a bit more rigorous intellectual work and then come to this Senate with a reasonable proposition.

The other thing that I encourage you not to do, Senator Ryan, is to selectively quote the Governor of the Reserve Bank just to support the propositions that you want to put. I was not at the committee hearing and you were, as you have said. The interesting thing about A-PAC now is that I unfortunately find myself sitting at home in the evenings watching it when I should be watching something else. It is very sad and it is a serious concern! But I actually watched a lot of that evidence and I found it very interesting. But I think, Senator Ryan, to simplify the responses of the Governor of the Reserve Bank in the way you did to support your argument did no justice to the very thorough, long and detailed presentation the Reserve Bank governor gave to that committee. I just wanted to make those points in case anyone was listening—or watching on A-PAC, as I do. We should not accept those arguments without testing them and putting them up against the laugh test.