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Thursday, 17 October 1985
Page: 1368

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

That the Senate:

(a) expresses its concern at Australia's worsening balance of payments position evident from the 18 per cent rise in the current account deficit for the September quarter over the previous quarter to $3,345m;

(b) requests the Treasurer to make available any advice from the Treasury on which he relied for his forecast at an Economic Society meeting yesterday that the current account deficit would fall to 4 per cent of GDP by June next year and then continue to trend downwards; and

(c) regrets that the Treasurer intends to try to defend the Australian dollar that is being weakened largely as a result of inappropriate Government fiscal policies, by maintaining a high interest rate policy that will inevitably damage economic growth.