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 for Finance and Administration, representing the Treasurer. I refer to the release today of Australia’s December current account figures, showing a significant increase in the quarterly deficit to $14.4 billion, up from $13.7 billion. At the same time, Australia’s net foreign debt has reached record highs of $473 billion, up $52 billion in one year alone. Given these debts are increasing at a time of record mineral export prices, when will the government even acknowledge that there is a problem and a significant increasing risk to Australia’s economy and take action to stabilise the debt and hopefully reduce its escalation?