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Comment on decision of wheat board in Melbourne to reject government request to finance $300m payments to growers by commercial bills



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Leader of the Opposition

Comment by Bill Hayden, MP, on decision of Wheat Board in Melbourne today to reject Government request to finance ■ $300 million payments to growers by commercial bills

The Wheat Board's decision throws the Government's economic management into further disarray.

Mr Fraser has been hoist on his own petard. -

The request to the Wheat Board to finance an additional $300 million in payments to growers by commercial bills was a device in the first place to aid the Government's anti-inflation program. .

It has now back-fired on the Prime Minister.

The implications for money supply policy are serious. So will be the impact on inflation if there is no offsetting action.”

The Government's response should be spelled out immediately.

Already there is far too much confusion and uncertainty in the money market over Government policy.

Any delay in an announcement by Mr Fraser will only add to the confusion.

CANBERRA APRIL 27, 1979