Joe O'Toole (Independent)

I am pleased to have the opportunity to say a few words and I thank my colleague, Senator Quinn, for sharing time with me. I do not fully agree with his opening comments on inflation. I was pleased it was the first matter the Minister mentioned. I thought it was important that he explained to us that it would be reduced, even by 0.1%. Senator Quinn and I would look to see such a trend.

There is another welcome development with regard to macroeconomic factors. I never thought I would see the day when our debt to GNP ratio would be down to 25%. According to the Budget Statement it is almost the lowest in Europe but, effectively, it is the lowest because one does not count Luxembourg.