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Wednesday, 5 May 1993
Page: 95

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

  That the Senate—


    (i)that the horrific current account deficit of $2.1 billion recorded for March 1993,

    (ii)that this is the highest deficit figure for more than 3 years,

    (iii)that the cumulative deficit for 1992-93 is 32 per cent higher than for the comparable period in 1991-92,

    (iv)that the `recession we had to have' was a deliberate policy instrument aimed at tackling the then-burgeoning current account deficit in 1989-90,

    (v)that this recession which produced one million unemployed has clearly failed to `fix' this problem,

    (vi)that the Government's budgetary position since 1989-90 has collapsed by more than $30 billion, the greatest collapse in Australia's history,

    (vii)that the massive borrowings required to fund the Budget deficit are largely responsible for the present national savings erosion, and

    (viii)that the underlying problems in Australia of spending more than we can afford, low investment, no savings and rising debts are all expressed through the current account deficit; and

  (b)expresses its grave concern that the Government's policies over the past decade, and in particular during the past five years and the recession, have only added massive unemployment and its associated costs to Australia's underlying problems, without solving anything.