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Inflation Rate May reach 20 Per Cent



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E LIBERAL PARTY OF AUSTRALIA

JUNE 14, 1974.

NEWS RELEASE :

FEDERAL PRESIDENT: MR. R.J. SOUTHEY. C.M.G. DIRECTOR:

MR. B.G. HARTCHER. O.B.E.

FEDERAL SECRETARIAT BLACKALL & MACQUARIE STS., BARTON, A.C.T. G.P.O. BOX 13. CANBERRA, A.C.T. 2600 TELEPHONE 73 2564 TELEGRAMS "FEDLIB" CANBERRA

FROM THE HON. ANDREW PEACOCK, MP

M r. A ndrew P e a c o c k sa id today th at in d u s tria l u n re s t linked with a fall off in p ro d u ctiv ity , could push A u s tr a lia 's in fla tio n r a te to 20% by the end of 1974.

M r. P e a co c k sa id fig u re s re le a s e d fo r the f i r s t th re e m onths of th is y e a r show ed

th a t to ta l w orking days lo s t w ere a lre a d y well o v e r h a lf way to beating the p re v io u s re c o rd s e t in 1929.

He sa id it was lik e ly th a t o v e r 6 m illio n w orking days would be lo s t during the y e a r

b e ca u se of s tr ik e s and th is would have a d ra m a tic effect on p ro d u ctiv ity .

"W hen the P re s id e n t of the ACTU a d m its th at we a re in fo r a p e rio d of in d u s tria l

tu r m o il as m o re unions t r y to achieve d ire c t b a rg a in in g d e c isio n s, then A u s tra lia n s could expect continual d isru p tio n to th e ir d aily liv e s , and m a n u fa c tu re rs an even g r e a te r fa llin g off in p ro d u c tiv ity ."

M r. P e aco ck c r itic is e d th e F e d e ra l G o v ern m en t fo r dealing with the individual p ro b le m s throw n up by in flatio n r a th e r th an the ro o t c a u s e s . He sa id th a t

M r. W hitlam had b een le s s than h o n est when announcing h is s o -c a lle d a n ti­ in fla tio n a ry m e a s u re s at the re c e n t P r e m i e r s ' c o n fe re n c e .

"W hat M r. W hitlam has- done is used in flatio n as an ex cu se to t r y to o btain a g r e a te r

d e g re e of fe d e ra l c o n tro l o v e r State a ffa irs - som ething the people would not give h im at a re fe re n d u m .

"M r. W hitlam h a s cu t S tate spending back including a re a s such a s housing and education th a t he sa id w e re s a c ro s a n c t d uring the e le ctio n cam p aig n , so th a t State G o v ern m en t w ill b e a r the odium of any ill e ffe c ts. At the sa m e tim e , fe d e ra l

spending w ill be re d u c e d by only a token am ount.

m ontinued co n fro n ta tio n betw een S tate and F e d e ra l G o v ern m en ts can only h a rm A u s tra lia , but L a b o r's attitu d e to w a rd s the S ta te s le ft P r e m ie r s little ch o ice but to continue to p r e s s fo r m o re g e n ero u s r e -im b u rs e m e n ts if v a rio u s State tax e s w ere to be contained at acc ep tab le le v e ls ."W hen such a L a b o r s ta lw a rt as South A u s tr a lia 's P r e m ie r Don D unstan sa id th a t M r. W hitlam had adopted the m o st in tra n s ie n t a ttitu d e of any P rince M in iste r with whom he had d e a lt, it was obvious th a t the F e d e ra l G o v ern m en t was not looking to c o -o p e ra te with th e S ta te s; r a th e r to c o n tro l th e m ." φ ψ ψ ψ φ ψ ψ ψ ψ φ φ φ* W orking days lo s t during 1929 - 4 m illio nΫ L a te s t C om m onw ealth s ta tis tic a l fig u re s ju st r e le a s e d fo r Ja n u a ry , F e b r u a r y and M arch show 2, 500, 000 w orking days lo s t during th e s e th re e m o n th s.