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The great deception

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It is now nineteen months since Prime Minister Keating first claimed that Australia was in economic recovery.

On 4 April 1991. in Port Pirie, Mr Keating said:

‘ We!re seeing a recovery coming through now in housing approvals, we/re seeing a turnaround in the stock cycle, you saw the national accounts for the December quarter back to positive growth.

‘So I think you can see a recovery coming through...'

Mr Keating has been in the Lodge for nearly twelve months and since that time unemployment has got worse.

How much longer will the great deception be allowed to continue?

On 14 March 1991. Mr Keating said in a John Laws interview:

‘No. N o there wortt be [one mBBon unemployed this year]."

On 14 Mav 1991. Mr Keating told Parliament:

‘Australia was the first into recession and we will be first out...'

On 21 March 1991. Mr Keating announced to a news conference:

'The worst is now behind us. The Government established the strategy to deal with the current account deficit and inflation and has stuck to it and is succeeding.

‘...We are, I think, starting to recover and the prospects for growth are promising and we will see in time whether we think we can say then at some point hence that we are out of the recession.'

On 25 March 1991. Mr Keating told the Australian Financial Review:

"I think a lot of the lay offs are behind us. I think they laid them off last year, particularly big companies. I think they re quite lean.'

On 30 Mav 1991. Mr Keating said in a press release:

'The economy 's now moving into the recovery phase o f the cycle.'

12 November 1992 Canberra


Contact: David Turnbull (06) 2774277 D199/92