JOURNALIST:
What's your preferred formula for funding a gun buy-back Treasurer?
TREASURER:
Well, first of all we have got to get agreement between the Commonwealth and the States on the guns that are to be bought back and I hope that comes out of today's COAG meeting, and then I think there should be put in place a even allocation of responsibility, and that will be discussed today.
JOURNALIST:
Do you have any estimates on how much the final figure, how much it will cost altogether?
TREASURER:
Some of the estimates that I have seen of the amount of money that would be involved, it may be above $100, maybe between $100 and $200 million. So it's quite a significant amount, but nonetheless very important to do, it's important that we get those hand guns out of the community, it's important for the safety of the community that people who have no reason to have a hand gun and don't need it for a sporting event, don't have them, and we are very strongly of the view that the community's safety comes first in this matter and we will fund a scheme to ensure that that happens.
JOURNALIST:
How about the debate over water reform?
TREASURER:
Well, water is a very precious resource in this country and it's important, I think, that we have a secure title to water rights, that people know what their rights are, that we have a market which allows them to trade, and we also have a title which ensures that the environment gets its fair share of water as well. This is going to take considerable effort and cooperation from the States to put in place.
JOURNALIST:
Treasurer, what (inaudible) Reserve Bank Governor (inaudible) didn't see any imminent need for new interest rate hikes and also forecasting GDP growth of 3.75 per cent in calender 2003, conditional upon the drought. What's your view on that on rates also on the forecast for 2003?
TREASURER:
Well, I published the Government forecast in the Mid Year Review last week. We are forecasting in this financial year 3 per cent, and we forecast in the following one, 4 per cent, so those forecasts would be very consistent with my own. Obviously we hope that the drought breaks, and as I said at the time when I released the Mid Year Review, if the drought were to continue, and this is already the worst drought in twenty years - possibly worse - if it were to continue for another twelve months that would affect Australia's growth. But we hope that it breaks and at this point in time we are taking that into account in relation to our forecast for 2003-2004.
JOURNALIST:
Is Simon Crean's Leadership on the skids today after Carmen Lawrence's dramatic resignation yesterday?
TREASURER:
Well there are deep divisions in the Labor Party. You don't have to be Einstein to work out that members of the Labor Party are now fighting with each other, that they can't get agreement as between themselves and that's a problem for Mr Crean, that's a test of his leadership and you would have to say, as of today it's a test that he is finding very, very difficult.
JOURNALIST:
Do you think he'll survive...(inaudible)
TREASURER:
Well, look I'm not going to give a day by day commentary on Mr Crean, obviously there are deep divisions in the Labor Party, obviously that is testing his leadership, we will just have to see how his leadership works out, but we're not going to advise him on that.
Thank you.