TRANSCRIPT

THE HON PETER COSTELLO MP
Treasurer

Interview

Treasurer’s Office

Canberra, ACT

Thursday, 29 January 2004
4.35 pm

SUBJECTS: Latham’s Speech Gaffe

JOURNALIST:

…outline what you have discovered today about Mr Latham’s speech.

TREASURER:

Well, when Mr Latham spoke to the ALP Conference, what was important was what

he did not say, rather than what he said. He gave no pledge on the budget deficit,

he gave no pledge on taxes and he gave no pledges on interest rates. We now

know that Labor’s policy means higher interest rates, higher taxes and

budget deficits. There was a hidden text, just as there is hidden agenda. Labor’s

hidden agenda is higher taxes, budget deficits and higher interest rates.

JOURNALIST:

Mr Latham did make a point in his speech of saying that any election promises

would be fully funded, they would be revenue neutral.

TREASURER:

Well on Tuesday of this week Labor’s so-called costings were blown out

of the water and that is why Mr Latham was unable to give any undertaking on

the budget, on interest rates or taxes. A whole speech with no undertaking on

the budget, no undertaking on interest rates and no undertaking on taxes. He

can’t give those undertakings, because he knows what the truth is, and

the truth is, Labor means budget deficits, higher interest rates, higher taxes.

There is a hidden text and a hidden agenda behind Labor’s program.

JOURNALIST:

Well which bit of the hidden text, specifically are you concerned about?

TREASURER:

Well the hidden text is removing any reference to keeping the budget in surplus,

removing any pledge on taxes and removing any pledge on interest rates. He didn’t

give any pledge on any of those things because he has a hidden agenda. Labor’s

hidden agenda is higher interest rates, higher taxes and budget deficits.

JOURNALIST:

People are allowed to make changes to speeches though aren’t they?

TREASURER:

A hidden text, hidden agenda. Why couldn’t Mr Latham give a pledge on

the budget interest rates or taxes? Because he knows what we know – Labor’s

program is higher interest rates, higher taxes and budget deficits, that is

the Labor program.

JOURNALIST:

Previous Governments, I think that even you have said that there won’t

be a deficit budget and then there has been a deficit budget. Would it have

actually meant that much if he did say I will, there will be no deficits under

my Government?

TREASURER:

Well Mr Latham has given no pledge on the budget because he can’t. He

has given no pledges on taxes because he knows his program is higher taxes,

he gives no pledges on interest rates because he knows his program is higher

interest rates. That is Labor’s hidden text and that is Labor’s

hidden agenda.

JOURNALIST:

You have put a bit of effort into this, has he got you a bit worried?

TREASURER:

I am terribly worried about higher interest rates, higher taxes and budget

deficits. After all the work that has been done in this country, to have a Labor

Government come in, push the budget into deficit, push up interest rates and

push up taxes would make me, and I believe millions of other Australians worried.

That is a very worrying prescription for Australia.

JOURNALIST:

Thanks Treasurer.

TREASURER:

Thanks.