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Inflation and unemployment- extract from addresss to MTIA, Sydney



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EXTRACT FROM AN ADDRESS TO THE METAL TRADES INDUSTRIES ASSOCIATION

AT THE WENTWORTH HOTEL, SYDNEY . - : .

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T h e P r i m e M i n i s t e r h a s p o i s e d t h e p e o p l e o f A u s t r a l i a o n t h e e d g e

■ ’ * ‘ ■ ■ t* ' ■- . a . . - - 1 , ' ■ , ' " * 1 ,

o f a n e c o n o m i c p r e c i p i c e . , - v . . : ■ r 1 ' ^ ^

S o m e $ 3 0 0 , 0 0 0 , A u s t r a I i a n s h a v e a l r e a d y m a d e a s l i d e i n t o

u n e m p i o y m e n t .

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o r b a n k r u p t c y .

B u i l d e r s , d e v e l o p e r s , f i n a n c i e r s , ’ i m p o r t e r s , f i r m s

t h e r a g t r a d e h a v e a l s o g o n e o v e r t h e e d g e a n d i n t o l i q u i d a t i o n

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■ ■ , . '■ ■ .·â–  " r ■·?' - ·· ■ i ·'·â–  V · ■ .. ·..· ■ .· ■ - ■·.' ,, , - " „ .·â– ;

The c a u s e i s qu i t e - Is i mpl e ,* i n f i a t i on b rough t a b o u t by t h e

•\ ; ;

■ G o v e r n m e n t ' s : e c o r i o m i c m i s m a n a g e m e n t w h i c h h a s s t r u c k a t t h e ;

f o u n d a t i o n s o f p r i v a t e I n d u s t r y . , I t i s a : s i t u a t i on wh i ch has ;

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a l a r m e d a l l s e c t i o n s o f t h e c o m m u n i t y . B u s i n e s s m e n w h o s e 1 f i r m s

a r e g o i n g . b u s t and t r a d e u n i o n i s t s wh o s e wages a r e b e i n g e r o d e d '.

by t h e G o v e r n m e n t ' s r i p - o f f t a x a t i o n and by r i s i n g p r i c e s i n t h e

s u p e r m a r k e t . . . 1 .

T h e r e i s o fie e x c e p t i o n , h o w e v e r , i n t h e P r i m e M i n i s t e r h i m s e l f ,

A t t h e w e e k e n d he c h e e r f u l l y s u r v e y e d t h e e c o n o m i c d i s r u p t i o n

w h i c h he has c r e a t e d and a n n o u n c e d t h a t p e o p l e w e r e mo r e ’ :

p r o s p e r o u s t o d a y t h a n t h e y had e v e r b e e n . I t I s h a r d t o s a y w h e r e

t h e P r i m e M i n i s t e r . p l a c e s h i m s e l f i n t h i s a s s e r t i o n , a l t h o u g h i t i s

t y p i c a l f o r h i m t o d o d g e an i s s u e w i t h a c l e v e r · p h r a s e . .

I t i s t r u e t h a t b e c a u s e o f t h e i n f l a t i o n f o r w h i c h t h e G o v e r n m e n t ,

i s r e s p o n s i b l e , wages a r e a t new l e v e l s a l o n g w i t h t a x a t i o n and '

p r i c e s , b u t ' i t i s a l s o t r u e t h a t t h e v a l u e o f t h e d o l l a r has n e v e r

bee n l o w e r , n o r , s i n c e t h e d e p r e s s i o n , h a s . t h e n u m b e r o f u n e m p l o y e d

been g r e a t e r . , . : v · .· ' , ·.'

Does t h e P r i m e M i n i s t e r b e l i e v e i t i s t h e une mpl oy ed b u M d j n g

w o r k e r s o f Sydney and M e l b o u r n e who have n e v e r had i t so good,

o r t h e t e x t i l e w o r k e r s o f W a n g a r a t t a and L a u n c e s t o n . .... v

2 .

Or does he mean t h e n a t i o n ' s b e e f p r o d u c e r s who a r e n o t even

e l i g i b l e f o r u n e mp l o y me n t r e l i e f , d e s p i t e t h e i r a b s e n c e o f i ncome?

What t h e Go v e r n me n t has g i v e n us mor e o f i s u n e m p l o y m e n t , i n f l a t i o n ,

i n d u s t r i a l u n r e s t and h i g h i n t e r e s t r a t e s .

J u s t as i t i s t y p i c a l o f i t h e P r i m e M i n i s t e r t o l o o k f o r a

c o m e d i a n ' s q u i p t o a v o i d a q u e s t i o n , so i t i s t y p i c a l o f h i m t o

s eek t o dodge r e s p o n s i b i l i t y f o r e c o n o m i c mi s ma n a g e me n t by l o o k i n g

f o r a s e a p e g o a t .

He has s u c c e s s i v e l y bl amed A u s t r a l i a ' s t r a d i n g p a r t n e r s f o r r i s i n g

i n f l a t i o n , T r e a s u r y s t a t i s t i c s , t h e T r e a s u r y and t wo T r e a s u r e r s .

Mr . Hayden i s t h e n a t i o n ' s t h i r d T r e a s u r e r i n s ev e n mo n t h s as t h e

r e s u l t o f a r e s h u f f l e w h i c h has b r o u g h t o n l y one new member i n t o

t h e m i n i s t r y .

As we 1 ] as Mr . H a y d e n , who s i g n a l 1y f a i l e d t o w i n t h e c o n f i d e n c e

o f d o c t o r s w h i l e he was M i n i s t e r f o r S o c i a l S e c u r i t y , t h e P r i m e

M i n i s t e r o f f e r s us a new M i n i s t e r f o r L a b o u r and I m m i g r a t i o n ,

S e n a t o r James M c C l e l l a n d .

S e n a t o r M c C l e l l a n d t o ] d P a r l i a m e n t l a s t we ek a t a t i m e when

i n d u s t r i a l u n r e s t has c a u s e d t.be p i l i n g up o f 1 9 , 0 0 0 t o n s o f c a r g o

on w h a r v e s i n N o r t h e r n T a s m a n i a t h a t he was u n a w a r e t h a t t h e r e was

a c r i s i s i n T a s m a n i a n t r a n s p o r t .

What t h e P r i m e M i n i s t e r has g i v e n t h e n a t i o n i s a s u b s t i t u t e f o r

l e a d e r s h i p i s v e r b a l g y m n a s t i c s and a m i n i s t e r i a l m e r r y - g o - r o u n d .

The P r i m e M i n i s t e r c a n n o t a v o i d r e s p o n s i b i l i t y f o r t h e n a t i o n ' s

e c o n o m i c p r o b l e m s by s a c k i n g T r e a s u r e r s . As t h e L e a d e r o f t h e

G o v e r n m e n t , he i s t h e man r e s p o n s i b l e f o r i t s f a i l u r e s ,

The L i b e r a l P a r t y w i l l n o t s u b s t i t u t e t r i c k e r y f o r c o n s t r u c t i v e

and b e n e f i c i a l e c o n o m i c m a n a g e m e n t · I t w i l l r e s t o r e t h a t p r o m i s e

f o r t h e f u t u r e w h i c h i s e v e r y A u s t r a l i a n ' s b i r t h r i g h t . I t w i l l

r e s t o r e i n c e n t i v e f o r i n d i v i d u a l e n t e r p r i s e w h i c h i s t h e m a i n s p r i n g

o f n a t i o n a l p r o s p e r i t y .

. -3

3.

Once bac k i n o f f i c e t h e L i b e r a l and C o u n t r y P a r t i e s w i l l

i m m e d i a t e l y s t i m u l a t e p r i v a t e i n d u s t r y by e s t a b l i s h i n g a h 0 %

i n v e s t m e n t a l l o w a n c e .

The P r i c e s J u s t i f i c a t i o n T r i b u n a l w i l l be a b o l i s h e d and t h e

t a x a t i o n s y s t e m r e s t r u c t u r e d t o r e s t o r e i n c e n t i v e t o i n d i v i d u a l s

and t o f i r m s .

The i n i q u i t o u s use o f t h e P u b l i c S e r v i c e a t t h e e x p e n s e o f t a x

p a y e r s as a p a c e - s e t t e r f o r i n d u s t r i a l c o n d i t i o n s w i l l be e n d e d

and t h e r e w i l l be a new i n d u s t r i a l p o l i c y t o e n c o u r a g e c o n s u l t a t i o n

w h i l e a t t h e same t i m e e s t a b l i s h i n g t h e c i r c u m s t a n c e s i n w h i c h

b r e a c h e s o f a c c e p t e d r u l e s w i l l c a r r y c o n s e q u e n c e s .

E c o n o m i c p o l i c y w i l l be b a s e d on e f f e c t i v e c o n s u l t a t i o n w i t h a l l

m a j o r e c o n o m i c g r o u p i n g s .