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Wednesday, 5 May 1993
Page: 96

Senator BROWNHILL (Deputy Leader of the National Party of Australia) —I give notice that, on the next day of sitting, I shall move:

  That the Senate—

  (a)notes that:

    (i)the March 1993 current account deficit of $2.1 billion is further evidence of how fragile our economy is,

    (ii)the increase in imports of 16 per cent and the fall in exports of 7 per cent is particularly disturbing,

    (iii)Australia's cumulative current account deficit for the nine months of the 1992-93 financial year is now $11.9 billion, an increase from $9 billion at the same stage in 1992,

    (iv)the current drought and the wool crisis will cause escalating problems in our balance of payments, and

    (v)the Government's program, as outlined in the opening speech of His Excellency the Governor-General on 4 May 1992, completely avoided the issue of our rising current account deficit; and

  (b)condemns the Labor Government for its repeated failures to address this issue.