Fed: Treasurer allowed Forex losses to get worse - McMullan

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Fed: Treasurer allowed Forex losses to get worse - McMullan

CANBERRA, Feb 25 AAP - Treasurer Peter Costello had made decisions which allowed foreignexchange losses by the agency responsible for managing Australia's debt portfolio to geteven worse, Opposition Treasury spokesman Bob McMullan said today.

A senior Treasury official last week revealed the Australian Office of Financial Management(AOFM) had lost more than $3 billion over the past two financial years as it played foreignexchange markets.

And the Commonwealth auditor-general warned further losses of around $1.2 billion wereexpected unless the embattled Australian dollar recovered …