Tony Abbott (Warringah, Liberal Party, Prime Minister) Share this | Hansard source

I do thank the member for Kennedy for his question. I do appreciate the diligence with which he works for the industries in his area of North Queensland in particular. It is the diligence which is shared by members on all sides of this House. All of us want to ensure that the industries in our electorates and the workers who we know and respect have the best possible future. We all accept that, and I certainly would not, for a second, attack the sincerity, the goodwill, the fair mindedness and the decency of the member for Kennedy. Nor do I attack the fair mindedness and the decency—and the good intentions, at least—of everyone in this House.

But I do have to say to the member for Kennedy that for a long time now on both sides of politics we have accepted a floating dollar, and the member for Kennedy is right that a floating dollar went down in the middle of the 1990s. A floating dollar has gone up in more recent times to a level that did make it extremely difficult for many of our manufacturers to compete. But I am pleased to say that what goes up can come down, and the floating dollar is now down to about 90c, a level which makes it much easier for our manufacturers and for our exporters. I support the floating dollar just as, it seems, the member for Kennedy supported the floating dollar, at least when it was low in the mid-1990s. Just as well that the Reserve Bank has been, in effect, recapitalised to the tune of $8 billion because that enables the Reserve Bank to intervene prudently and appropriately in the market to try to ensure that the Australian dollar is at the best possible level.

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