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Destruction of investor confidence and jobs

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Media Release

Ian McLachlan

Shadow Minister for Industry and Commerce


Today's budget reflected the Government's utter contempt for Australian industry and those who work in it, Shadow Minister for Industry and Commerce, Ian McLachlan said today.

'By compelling all Australian firms to pay superannuation contributions or to risk incurring a tax - without any productivity offsets or thought for enterprise profitability - the Government in a single stroke has worsened our international competitiveness and guaranteed that many more Australians will lose their jobs.

'The day after the release of a CAI survey which showed investor confidence was in the depths of depression, the Government has presented a Budget which actually makes Australia an even less attractive place to do business.

'For the unemployed, increased superannuation doesn't produce much comfort.'

Mr McLachlan said that to do this just a few months after announcing the removal of industry protection reconfirmed the Government's unbalanced approach to industry policy.

'This act of economic stupidity plus the vacuum on wages policy created by the ACTU's destructive campaign demonstrates that the Australian economy remains at the mercy of Bill Kelty's agenda and now, as well, the king-making Labor left wing.'

'The cost of the Government's weakness will be continued declines in international competitiveness and investment and even higher unemployment.

'It has passed over yet another opportunity to demonstrate leadership and present a vision and direction for Australia and thousands more Australians will pay with their jobs,' concluded Mr McLachlan.

20 August 1991 CANBERRA

Contact: 06 277 2039

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