Nick Sherry (Tasmania, Australian Labor Party, Shadow Minister for Banking and Financial Services) Share this | Hansard source

My question is to Senator Minchin, the Minister representing the Treasurer. I refer to today’s national accounts figures, which show household savings was at negative 3.5 per cent for the 2004-05 calendar year. Isn’t this the third year in a row in which household savings have been negative—in other words, Australians are spending more than they are saving? Is the minister aware that household savings were positive, at 6.4 per cent, in 1996 and 1997? When does the Liberal government intend to do anything to reverse the drastic decline in household savings under its watch or will it just shrug its shoulders and be lazy and complacent like it has done in response to our ballooning foreign debt?