Nick Minchin SA, Liberal Party, Minister for Finance and Administration
2:41 pm
This is just ridiculous scaremongering by the Labor Party. If Senator Sherry is talking about international confidence in the Australian economy, I would refer him to last year’s IMF article IV report, which noted that Australia’s vulnerability to adverse external shocks remains low and:
… the economy remains well placed to manage adverse external shocks.
Standard and Poor’s noted in May last year:
The very strong financial position of the public sector mitigates the effects of the high external debt. We also take comfort that the country’s foreign exchange exposures are adequately managed.
I repeat that the debt servicing ratio—which is what matters; that is, can you service the debt?—is now nine per cent and it was 20 per cent under the former Labor government.
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