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Australian Economic Performance in Perspective

By Peter Costello - posted Friday, 15 October 1999


With the planned sale of the remaining Government equity in Telstra, our public telecommunications company, Federal Government net debt could be eliminated within the next few years. This is some 13 years ahead of the goal set by the US Administration to reduce its public debt.

We will not, however, reduce the volume of government securities on issue by the full extent of the reduction in net public debt. Specifically, we will maintain the liquidity and efficiency of the Treasury Fixed Coupon Bond yield curve. This will assist the continued growth and development of a range of domestic derivative and related markets. These markets are important for enhancing Australia's potential as a regional centre for global finance, an initiative I will return to later.

With government in a surplus position, the current account deficit is now totally the outcome of private sector transactions.

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Nevertheless the Government remains interested in improving private saving performance. The government's tax reforms will improve saving incentives for most taxpayers and recipients of government benefits from July next year.

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This is an edited transcript of an address to a Westpac Luncheon on 30th September, 1999 in Boston.



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About the Author

Peter Costello AO is a former, and longest serving, Commonwealth Treasurer. He is a company director and a corporate advisor with the boutique firm ECG Financial Pty Ltd which advises on mergers and acquisitions, foreign investment, competition and regulatory issues.

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Related Links
Parliamentary Library's Budget Features 1999-2000
Peter Costello's Parliamentary Home Page
Photo of Peter Costello
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