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Latest wage rises to cause more inflation higher income tax



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“?»Î¯·. 1973, “ o

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ί »v ®?z that Australian 'wage',earners were-facing intolerable

'increasea in .income - tax.· ’ ‘

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f-H.'-1 "In.seasonally ,,'ad Justed vterms "average, weekly "earnings for males

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the increase ,was'14$; ’- The Budget estimate, that Australians . · v ; ' - f t ‘ .* ; · ' ‘ * · ' ' '"··'· * * '

would pay 81100 million more In income tax this year assumed

t 1%,that earnings would increase by; only 1 3 % , It is now clear

^-that'’the · increase |in ta x e s . will be well in excess of this 1

’ ; and.«that,wage earners,^ including .the family man, will face the

intolerable burden of, extra tax. If wages are allowed to,

^continue to increase at this rate, income taxes paid by

* * Australians will ’increase by about $1500 million in 1973/7*1.

LATEST WAGE RISES TO CAUSE MORE INFLATION. HIGHER INCOME TAX - v .,

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The,Leader'of'the· Opposition, Mr. Snedden, said today that

K ' the figures· for average' weekly earnings during the'September , f t '» ' · * 1 I . .

j' x quarter-indicated that inflation was continuing to accelerate {·- ·â– ·>'■<' , _ ! . . · · . i. , . ■ ’ . . · ■ Γ · ·

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■ ί', , rose by $ 1 $ , during the September quarter an annual rate of

22^· *'rom September quarter' 1972 to September quarter 1973

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S ' Each ta* payer will be paying over $200 more in taxes. . - . . . . . > · . - . . " ' . ’ 1 "

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"■* ■ The Government hasi done· absolutely nothing to prevent wages rising ! j i I ■ , · ' ■ 1 I ·’■ 1,1 · · ' "i < · * ' ' ' ■ ’

' at· these rates.· ’"The Prime Minister has'given, no indication r - ' ' J J > - * jr' r ■ ' [ 1 . - . '

■ whatsoever -during 'the referendum campaign that any action would be ,;. -ί;· ■ , ■ v ' ■ - ; e,1 ·- . , ' " ' >

Y,* taken vto^restrain'wage increases,· Clearly inflation is going to

accelerate unlees^action is taken." . · , . ,

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t· - Mr, Snedden repeated" his call for a positive policy to fight

;.■’·,· inflation. - ."We should have proper economic, management,, a cut back

.,./’in t h e ' Government·s excessive spending, a temporary freeze on prices

‘‘ and incomes using existing powers in co-operation .with the States !

·.and.a National'‘‘Confemce between the Commonwealth, States, unions

V, .lemployers/and consumers., ^

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