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Wednesday, 13 November 1985
Page: 2036

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

That the Senate expresses its concern at the fundamental weakness in the Australian dollar arising from-

(a) the worsening current account deficit evidenced by its 25 per cent rise to $5,000m in the first four months of the current financial year;

(b) the rising rate of inflation which now appears certain to exceed 8 1/2 per cent this financial year-double that of our trading partners; and

(c) the failure of the Federal Government to genuinely discount wage rises for devaluation by offsetting next year's nominal and partial discount with a tax cut paid for mainly by business, particularly small business, and the farming community;

And calls on the Government to replace its present policies of effective full wage indexation under the Accord, excessive Government spending and consequential record high interest rates, with policies that will restore Australia's international competitiveness and therefore its economic health.