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Hawke's housing tax deduction package a short term election strategy - Tuckey



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m mLIBERALWilson Tuckey MPM E M B E R P O R O ' CONNOR SEA B O N M I N I S T E R N O R M O S S I N G A N D S M A L L B U S I N E S S COMMONWEALTH PARLIAMENTARY LIBRARY MICAH

HAWKE'ί A| SHORT S HOUSING TAX DEDUCTION PACKAGE SHORT TERM ELECTION STRATEGY - TUCKEY

Apparently, the Prime Minister has eventually discovered the extent of personal suffering that ordinary home owners are experiencing because of his Government's high interest rate policy, said Wilson Tuckey, Shadow Minister for Housing and Small Business, today. - v

"This is in stark contrast to the claims of acting Treasurer, Dawkins during our last sitting week when he told the Parliament that people were not suffering, as many were paying no more and others had

increases of only $11.00 per w e e k " .

Wilson Tuckey criticised the announcement by the Prime Minister that he was considering tax deductions for high mortgage interest rates.

He said that "the proposal is a straight out election strategy and would be repealed immediately after the election, were the Government to be re-elected".

Remember, it was the Hawke Government that cancelled a similar Fraser initiative almost immediately it was elected.

"The Opposition is very supportive of any initiative to assist home owners, and prevent the situation facing the ever increasing number of people who must now abandon their homes, because they can no longer afford the high interest rates resulting from Hawke Government

initiatives".

"The solution for home owners is for the Hawke Government to abandon their total reliance on high interest rates, to choke off excessive imports and introduce other initiatives to dampen economic activity, as proposed by the Opposition".

"In terms of economic management it is interesting to compare the

Japanese ,and Australian economy. The Japanese economy has a growth rate of 4.7% and a Government Central Bank rediscount rate of 3.25%. Whilst in Australia, the figures are 4.2% and 17.60% respectively.

Australia is unique in the OECD countries in terms of Commercial Bank Prime Interest rates. Some other comparisons are Japan 3.38%; West Germany 7.75%; UK 14% and USA 11.5%.

Clearly, the present dilemma for Australian home owners is entirely of the Hawke Government's making and it is very ironic that whilst their high interest rate policy is aimed at stopping future spending, those most effected are those who have spent already.

Perth 14 June 1989

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