The Hon. LYNDA VOLTZ: My question is addressed to the Treasurer. Can the Treasurer provide information on the impact of the Howard Government's economic record on Australia and New South Wales?

The Hon. MICHAEL COSTA: I congratulate the honourable member on that question. I think it is an important question, given that this is the last parliamentary session before the Federal election. I think it is important that we reflect on the poor economic performance of the Howard-Costello Government. Clearly they inherited an economy that was reformed—

[Interruption]

The great Hawke-Keating reforms in taxation. Remember the reforms to capital gains and fringe benefits tax?

The Hon. Duncan Gay: It would be your worst nightmare to get a Rudd government.

The Hon. MICHAEL COSTA: No. Remember the great reforms of the capital market, the floating of the currency, and we had the entry of foreign banks, the deregulation of the financial system, the removal of the remnants of the tariff system as well as the great reforms in industrial relations. Those reforms were sensible, lifted our productivity, and we saw great economic growth. Compare that to the incompetent Costello management of the national economy.

The Hon. Charlie Lynn: Eleven years of continuous government.

The Hon. MICHAEL COSTA: It has been an absolute disgrace. You do not want to hear about it, but let usput the facts on the table. We have seen labour productivity decline—not only decline, it has fallen in a heap under Costello's management of the economy. You just have to look at the figures. The figures speak for themselves. Our benchmark productivity is low. It is 85 per cent lower than the Organisation for Economic Cooperation and Development [OECD] average, and that is because of the way they have managed the labour market. They would not be in this position if they had not taken the labour market reforms to the most extreme position. Nobody supports the Howard-Costello reforms to the labour market and Charlie knows that—Charlie is embarrassed by it. Look at the employment record. Overall it is lagging in the middle of the OECD. Despite the Friday News Review and Peter "Gravy's" attempts over here every Friday to paint the statistics in a positive light, the reality—

[Interruption]

The Hon. Greg Pearce: Point of order: The Treasurer has reverted to his clown performance. He may be applying for the job of a stand-up comic, but he ought to spend some time being the Treasurer of New South Wales and actually try to behave responsibly in relation to the management of the New South Wales economy.

The PRESIDENT: Order! The Hon. Greg Pearce is well aware that standing orders prohibit the making of frivolous points of order. I call him to order for the first time.

The Hon. MICHAEL COSTA: Good. He should be on a first call. You do not need to take my word on this.

The Hon. Duncan Gay: We wouldn't!

The Hon. MICHAEL COSTA: You do not need to. There is enough independent economic commentary on this that puts the Howard Government right in the firing line on the question of economy.

The Hon. Charlie Lynn: Point of order: If the Treasurer is giving a complete synopsis of the Howard Government, he should start at the starting point, which is the $80 billion black hole that it inherited.

The PRESIDENT: Order! The Hon. Charlie Lynn knows that is not a point of order. I call him to order for the first time.

The Hon. MICHAEL COSTA: They do not like to acknowledge the fact that the Hawke-Keating Government reformed the Australian economy and set up the growth that we have seen over the last 10 to 15 years.

The Hon. Marie Ficarra: Eighteen per cent rates.

The Hon. MICHAEL COSTA: Eighteen per cent—

The PRESIDENT: Order! The Minister's time for speaking has expired.

The Hon. LYNDA VOLTZ: I would ask that the Minister elucidate his answer.

The Hon. MICHAEL COSTA: Thank you. The honourable member has not only a great question but also a thirst for knowledge, that is why she has asked me to elucidate, and I am happy to do that. It is a great thirst for knowledge. Even independent commentators, like Mike Steketee, have commented.

[Interruption]

Mike Steketee sums it up brilliantly. Members opposite should listen, as this will be the epitaph of the Howard-Costello Government in a week and a half. I quote:

Howard is quite prepared to take credit for economic growth but not for the adverse consequences.

That will be the epitaph of the Howard-Costello period.

The Hon. Duncan Gay: Full employment—that's adverse? It is good news, and that is a consequence.

The Hon. MICHAEL COSTA: Good news? Low interest rates, but that is not the Federal Government's responsibility. Infrastructure spending has gone down federally. It is not the Federal Government's responsibility. One day Costello is saying that infrastructure spending is causing the problems; the next day he is contradicted by Howard, who says that it is not inflationary when he announced a massive election pork-barrelling exercise. The Howard-Costello Government has been the worst in Australia's economic history. It has taken all the credit for the reforms of the Hawke-Keating governments.

The Hon. Matthew Mason-Cox: Point of order: The Treasurer is misleading the House. We are all aware that the reforms of Hawke-Keating—

The PRESIDENT: Under what standing order are you making a point of order?

The Hon. Matthew Mason-Cox: Relevance, and the fact that the Treasurer is grossly misleading the House.

The PRESIDENT: Order! There is no point of order.

The Hon. MICHAEL COSTA: November 24 is D-day for the Opposition. We know what the result will be. [Time expired.]