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Tuesday, 9 November 1976
Page: 2436

Mr UREN - My question is directed to the Treasurer. I draw his attention to the last report of the Commissioner of Taxation which indicates that of the 200 000 companies which made out taxation returns, 0.2 per cent shared SO per cent of the profit of all companies. With those figures available, how can the Treasurer call this a small business economy?

Mr LYNCH - I repeat what I said before. If anyone has a responsibility for the problems of the small business sector, it is the honourable gentleman and his colleagues. I invite the honourable gentleman to reject the proposition that over the period from 1972-73 to 1975 he and his colleagues were directly responsible for a number of those businesses closing. Surely that is a fact of life. The Government parties have made perfectly clear that we are parties of free enterprise, that they believe in small business enterprise. I invite the honourable gentleman again to reflect on the number of initiatives brought down in the Budget which in fact amply demonstrate that broad thrust. So far as the monetary package is concerned, again I repeat that it is designed to soak up excess liquidity but at the same time to provide adequate funds for the private sector to underwrite its own recovery. Not to have acted as the Government did on Sunday night would have been to allow the money supply to run. That would have been inflationary because of the pressure it would have exerted upon

E rices. At the same time, this Government would ave been unable to finance the deficit in the only non-inflationary way it knows, that is, by selling adequate government paper to the nonbank public.

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