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Tuesday, 17 September 1974
Page: 1118

Senator CARRICK (NEW SOUTH WALES) - My question is directed to the Minister representing the Treasurer. It refers to the following statement of the Treasurer in the Budget speech 1973-74:

Overall the Budget is likely to keep the economy growing strongly.

I ask: Are the current record rate of inflation, the seriously rising unemployment, the negative productivity and the virtual collapse of capital investment indications of an economy growing strongly, or rather of an economy approaching a crisis? Is the current economic situation not clear evidence of the abject failure of the Government's Budget strategy?

Senator WRIEDT - In respect of the part of the question dealing with capital investment let me say that the latest figures I have seen only today show that in the last quarter the fixed capital investment in this country increased over die previous quarter. In the Budget papers which will be presented tonight the honourable senator will have ample opportunity to see that the economy is in nothing like the state that he suggests. I do not think it is appropriate for me to elaborate. If the honourable senator wants any further information on this matter I will obtain a detailed answer from the Treasurer.

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