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Friday, 10 December 1965

Mr HAROLD HOLT - Anyone who has followed the debates in this House will have been struck by the wide gulf between the economic policies of this Government - policies that have led Australia to its present stage of strength, prosperity and full employment - and those advanced by honorable members opposite which in the view of those of us who are on this side of the Parliament would undoubtedly stifle incentive and have some depressing effects on economic activity generally.

Mr Bryant - Tell it to the wool growers.

Mr HAROLD HOLT - I should have thought of cattle rather than sheep when I looked at the honorable gentleman. It has been made clear in the course of the debate that the one principal source of revenue to which honorable gentlemen opposite would look would be a steeply increased rate of personal income tax on the middle and higher levels of income, capital gains tax and other matters of that sort which in the result, in my judgment, would have a depressing effect upon economic activity.

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