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Morris's reading of latest transport indicators typical government misinterpretation



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P A R L I A M E N T OF A U S T R A L I A

H O U S E OF R E P R E S E N T A T I V E S

BR U C E LLO YD, M .H .R .

MEMBER FOR MURRAY SHADOW MINISTER FOR TRANSPORT SHADOW MINISTER FOR AVIATION

NEWS RELEASE SHADOW MINISTER FOR TRANSPORT 2 JULY 1985

The Shadow Minister for Transport, Mr Bruce Lloyd,said today the Minister, Mr Peter Morris' reading of the latest Transport Indicators was typical of the Government's misinterpretation of economic statistics. "

"For the Minister to suggest that the 6.5% increase in new motor vehicle registrations in the March quarter is due to 'the improving state of the economy' denies the true facts," he said.

"The reality of the situation is that sales during the March quarter- and no doubt during the subsequent June quarter- would have been most affected by the pending withdrawal of the investment allowance, and to beat the full effect on vehicle prices of the dramatic decline in the value of the Australian dollar.

"Yet the Minister prefers to ignore these very important facts when he comments on the latest figures from the Federal Bureau of Transport Economics," he said.

Mr Lloyd predicted that the more accurate position of the vehicle market would become apparent during the first two quarters of the new financial year when the figures would be without the 'blip' caused by the rush before June 30 to take advantage of the

investment allowance.

"That allowance for new capital investment has now been withdrawn and will have a very real impact on investment by fleet owners and other business buying new transport equipment," he said.

"It is time the Labor Government woke up to the damage being caused by its economic policies on businesses and individuals around the country."

"The existence of the investment allowance up until June 30 has had a marked impact on bringing forward investment decisions, including replacement decisions by many transport operators," he said.

"Because orders placed by before mid-day last Sunday (June 30) ranked for the investment allowance, there was a rush to bring orders forward for new equipment so as to take advantage of the allowance.

Furthermore there will be an even greater fall in new vehicle registrations in 1986 with the introduction of the unleaded petrol requirements again forcing higher car prices.

Mr Lloyd said the Transport Minister should have recognised these as should other commerce and economic Ministers within the blinkered Hawke Labor Government.

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