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Treasurer's statement on economy



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T H E L IB E R A L PA R T Y O F A U ST R A L IA media release FEDERAL SECRETARIAT ■ . .

STATEMENT FROM THE HON. PHILLIP LYNCH, MP , DEPUTY LEADER OF THE OPPOSITION

The Deputy Leader of the Opposition, Mr. Phillip Lynch, described yesterday's statement on the economy by the Treasurer as equivocal double-talk. "

He accused Dr. Cairns of idle speculation about the future course of Government economic policy. . ·

He said Dr. Cairns seemed to think a few casual and reassuring remarks were more suitable than a hard-headed and weUnplanned explanation of Government intent.

Mr. Lynch said it was clear that Dr. Cairns had for an integrated and well-thought-out economic

"What the Australian people want is performance verbal palliatives.

"It is quite ridiculous for any Treasurer to say slower increase in the money supply.

"Either the Government has monetary plans or it

"If it has one it should be specified.

"It is equally 3:idiculous to attach a high priority to tax restructuring while at the same time questioning it as a possible cause of the deficit.

"The deficit has been caused by excess spending.

"It must be held back by spending limitations sufficient to provide tax relief at the same time. ~

"The sooner Dr. Cairns faces this reality the better for all concerned.

"If he does nbt, the horrifying four billion dollar.deficit in prospect for 1975-76 will be inevitable.

"The Australian public is becoming tired of Dr. Cairns' day-by-day changes of heart.

"Yesterday's press conference was little better than a transparent public relations exercise. .

"As an attempt to unravel the mysteries of the Government's daily changing economic policies it was a total failure.

"What the Australian people want to know from the Treasurer is:

. . When and how inflation and unemployment will be cured?

. When and how investment and business confidence will be restored? . _ ... .

"The Opposition will be calling for a detailed explanation of • ‘ Government-policy during the coming Parliamentary weeks." * * * * * * * * .

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May 9, 1975