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Inflation must be cured



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ΓΗΕ LIBERAL PARTY OF AUSTRALIA

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.Q. BOX 13, CANBERRA, A.C.T. 2600 TELEPHONE 73 2564 TELEGRAMS "FEDLIB" CANBERRA

NEWS RELEA SE: FOR IMMEDIATE RELEA SE:

F r o m S e n a to r R . Cotton» June 22, 1973.

The L a b o r G overnm ent now m u st a c t to c o n tro l in flatio n which a lre a d y is c au sin g g re a t d is tr e s s to p e n sio n e rs and o th e rs on fixed in c o m e s.

S en ato r R o b e rt C otton, the L ib e ra l P a r ty Spokesm an on th e E conom y in th e a b se n se o v e rs e a s of M r. B ill Snedden, L e a d e r of the O pposition, sa id th is today.

He w as com m enting on the su b m issio n s by in d u stry and c o n su m e r g ro u p s to the F e d e ra l G overnm ent on p re -b u d g e t ta lk s h eld th is w eek.

"S k y -ro c k etin g w ages and p ric e s w ere id en tified a s the m ain econom ic p ro b lem facing th e nation, " he sa id .

"T he L a b o r G overnm ent m u st r e s t r a i n wage in c re a s e s if th e re is to be any

chance of lim itin g p ric e r i s e s .

"A verage e a rn in g s a re running fa r in e x c e ss of th e in c re a s e in p ro d u ctiv ity .

"It sim p ly is not good enough to su g g e st, as L ab o r sp o k esm an do, th a t th e new ly c re a te d P r ic e s Ju s tific a tio n T rib u n a l could win th e w ar a g a in st th e e v e r ris in g c o s t of liv in g .

"G overnm ent su p p o rted wage c la im s and o v e ra w a rd wage paym ents a r e fueling the ra v a g in g f ir e s of in fla tio n .

"And the F e d e ra l G o v ern m en t is not helping m a tte rs with its m a ssiv e spending p ro g ra m m e s .

" L a s t A ugust the th en T r e a s u r e r , M r. Snedden, to ld P a rlia m e n t when he in tro d u c ed the 1972-73 B udget a d e fic it of $630 m illio n was exp ected .

"But la te s t e s tim a te s by the L a b o r G ov ern m en t is a d e fic it of $950 m illio n .

"A d e fic it of th is siz e is in co m p atib le with re s p o n sib le econom ic m anagem ent in to d a y 's conditions of e x c e ssiv e liq u id ity and fu ll em ploym ent fo r a ll w illing and cap ab le of holding a job, " S en ato r C otton sa id .

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