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Tuesday, 12 November 1974
Page: 2209

Senator McAULIFFE (QUEENSLAND) -Is the Leader of the Government in the Senate aware that Totalisator Agency Board investments on Melbourne Cup day reached record figures in all States? Does the Leader agree that this does not bear out the contention of the prophets of gloom that the country is down on its uppers and facing bankruptcy?

Senator MURPHY -Indeed, I would agree. A few weeks ago I indicated that the figures for the sale of beer and other liquors were higher than ever despite the excise. I have also indicated in relation to customs duty and excise that there is an extensive list of products normally manufactured in Australia which are in such short supply that we have had to let them come in duty free in order to meet the shortfall in supply. I also inform the Senate that in the financial year immediately concluded we had the lowest number of bankruptcies for IS years. In fact, there was a decline of 27 per cent on the previous year. If one starts to look across the spectrum one sees many indications of the healthy state of the Australian economy. The measures which the Government is setting in train will ensure that unemployment will be brought under control. As I have said, we will continue to enjoy the prosperity which is the entitlement of a country with the wise government which this country has.

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