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Thursday, 17 February 1977

Labor's plan calls for 'a selective, stimulatory, Government spending program '. Consistent with the rest of the policy statement no figure for spending is included. It has to be assumed that the figure given by Mr Whitlam in bringing forward his five point plan last October-$500 million- is a minimum.

Labor's spending proposals are simply the same old discredited big spending, big deficit approach that has been repudiated not only by the Australian electorate, but by every international meeting of finance ministers over the past twelve months. The new plan is, in this regard, little more than a hangover from the halcyon days of Dr Cairns who, it will be recalled, lifted Federal spending by some 46 per cent in one year. Far from bringing about any stimulus, the Cairns policies simply added to the economy's difficulties at the time.

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