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Failure of Hawke/Keating economic policy



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COMMONWEALTH PARLIAMENTARY LIBRARY

MEDIA RELEASE SENATOR FRED CHANEY LEADER O- i~ E C^Oi·' D '. ' . ' ···. ·:*.■ ·" DEPUTY LEADER OF THE OPPOSITION

EMBARGOED UNTIL 11 AM (WST) SATURDAY 13 MAT

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FAILURE OF HAWKE/KEATING ECONOMIC POLICY

"The dismal failure of the Hawke-Keating Government’s: economic policies has meant increased pressure and risk for all Australians", the Deputy Leader of the Opposition, Senator Fred Chaney, said today.

"Homebuyers in particular are being made to suffer because the Government has left itself no option but to use the crude and cruel instrument of high interest rates in a desperate bid to curb rising inflation", he s a i d .

"Surveys have shown that people are putting off having children for up to 10 years because they can't exist on one income.

“That's a terrible indictment of a government which has boasted of its alleged competence as an economic manager".

Senator Chaney was speaking at the annual conference of the Canning Division of the Liberal Party in Perth.

"It's not only homebuyers who are suffering because of Labor's deliberate policy of keeping interest rates high", he said.

"Farmers and small businesses are being forced to pay prohibitive rates of around 20 per cent on overdrafts.

"The tragedy is that it need not be like this.

"Hawke and Keating have had to use crippling interest rates because they're not game to make other moves which would reduce the pressure on the economy.

"The real answer is to take action to make Australia a more productive society which can compete with the products of other sophisticated economies.

"That means having the courage to tackle areas of gross inefficiency such as the waterfront and coastal shipping and to move to, an industrial relations system in which people are rewarded for results.

"Government report after report has identified losses of hundreds of millions of dollars because of the way business is done on the waterfront and in our coastal shipping trade.

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"People often ask me what's different about the policies of the Liberal and Labor Parties.

"One of the main differences is that Labor is unashamedly based on the trade union movement and it simply cannot cross its supporters by making meaningful reforms in these areas. Likewise, it cannot move to an enterprise-based system of industrial relations because this would inevitably lead to a reduction in the current power of the unions.

"As Andrew Peacock said earlier this w e e k , the Liberal Party is beholden to none, responsible to all and obliged to no one. That freedom to make decisions in the interest of the whole community without fear of reprisal from any particular pressure group is a major distinguishing feature between the

two p a r t i e s .

"The people of Australia are crying out for change and a new dir e c t i o n .

"We've got the policies to bring about that change. The challenge facing Andrew, me and the rest of the team is to convince the Australian people that this tired, out of touch and arrogant government richly deserves to be thrown out whenever the Prime Minister summons the courage to call an ele c t i o n ."

PERTH 13 May 1989 Contact: Keith Kessell (09) 385 9430

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