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Wednesday, 21 August 1985
Page: 51

Senator TOWNLEY —I give notice that, on the next day of sitting, I shall move:

That the Senate-

(a) recognising that this country is already one of the most indebted in the world, with liabilities per head far in excess of Argentina, Mexico, Chile, Poland or Brazil;

(b) conscious of the fact that we will this financial year be spending more on public debt interest than we do on either education, health or defence and almost five times as much as we do on housing;

(c) being aware of the manner in which our public debt interest has grown from $887m or 4.9 per cent of budget outlays in 1974-75 to a staggering $6,724m or almost 10 per cent of budget outlays in 1985-86; and

(d) taking into account the fact that if our major exports collapse the Australian economy will be liable to a most serious economic collapse,

calls on the Hawke socialist Government to recognise the extreme danger of the situation into which it is leading Australia and take immediate action to reduce Government borrowings.