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Share of GNP

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The Liberal Party Spokesman for Manufacturing Industry, Senator Cotton,

today called incorrect, the Prime Minister's claim that the share of

GNP going to wage and salary earners had been steadily eroded during

the twenty-three year Liberal Country Party Government.

He a^so said the Prime Minister was wrong to claim the GNP, share going

to profits had steadily risen over the same period.

In 1948/49 the share of GNP going to wage and salary earners was 53.8%.

In March 1973 the percentage was 59.8 - a rise of 6%.

Gn profits the GNP share in 1948/49 was 12.7%. '

In March 1.973 the percentage was 15.3 a rise of 2.6%.

Taking a. time span more compatible with the era in which we live, over

10 years the GNP share going to wages and salaries had risen from

55.5% to 59.8% - while the share going to profits has declined from

15.6% to 15.3%.

Senator Cotton said he was keen to set the truth in this matter -

because wage and salary rises going well ahead of productivity,_

were a very real cause of inflation.

He said the Prime Minister was not helping matters by clouding the

issue with incorrect figures.