Joe Ludwig (Queensland, Australian Labor Party, Minister for Agriculture, Fisheries and Forestry) Share this | Hansard source

I thank Senator Colbeck for his interesting question. It was a very detailed question. Senator Colbeck had asked at additional estimates about the IER which had dropped approximately $24 billion. The answer that he got at additional estimates was that the opening balance of the reserve was $14.3 billion and this would put the reserve into $10.4 billion deficit position. But department budgets have updated that since the additional estimates, and the forecast operating deficit has reduced from $24 billion to $10 billion. They have been doing very good work there, and the result of the reserve balance is forecast—which Senator Colbeck left out—at a $3.4 billion surplus. Ah! So, we have over there— (Time expired)