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Thursday, 1 September 1960

Mr DALY - Honorable members on the Government side do not like to see their friends who paid their campaign expenses last year listed as people making exorbitant profits. I have not the time to mention them all, but I have shown that unlimited profits are being made by certain companies, and that this Government which sponsors them proposes to increase their taxation by a paltry 6d. in the £1. And that same Government, while increasing company taxation by this small sum, creeps into the Commonwealth Conciliation and Arbitration Commission to prevent the worker from getting an increase of a few shillings in his wages from the profits derived from his efforts in the very organizations I have listed.

I suggest that this Government should establish an organization similar to the Tariff Board to investigate and report upon companies that are established here just as the Tariff Board inquires into and reports upon our industries. I cannot see why we should not adopt asystem under which huge organizations like General Motors-Holden's Limited, Broken Hill Proprietary Company Limited and others would pay the maximum rate of tax while the struggling companies paid the minimum rate. To my mind, this is a simple approach to a great problem. I do not mind the honorable member for Henty (Mr. Fox) interjecting. He stands for the protection of private industry, but he will have to be a real high-flyer to beat Sir George Jones. The point that I make on the company tax is this: The profits are available for all to see. High dividends are being paid by monopolies that are crippling the economy. Under this Budget, companies are getting away with an additional sixpence in the £1 while the Government is taking pennies from the family man who is only getting £800 a year. I suggest that the Government should institute some method of taxing companies on a graduated scale in accordance with the profits that they make.

There are many other matters that I would like to mention but my time is extremely limited. This Budget is in line with all other Budgets that have been produced by this Government since it came to office. It contains nothing constructive. It gives to those who have, at the expense of those who have not. At the same time, it is crippling our economy. It takes money away from those people who want to build homes and gives money to those who are running hire-purchase companies. The Government is undoubtedly a big businessman's government. It has increased taxation. It has borrowed overseas and put us into pawn. Monopolies and takeovers are the order of the day. Money lending and land speculation go on unabated. At the same time, it should never be forgotten that pensioners are getting less in actual purchasing power and people's wages and savings have less purchasing power than at any previous time in the history of this country.

I believe that this Budget should have contained constructive proposals for the future. I do not believe that depressions are inevitable but they happen unless governments take action to prevent them. I visualize this country developing in such a way as to be the envy of the world. It is indeed a rare gem in the southern seas.

I want it to be a country wherein all are free; where there is freedom from fear and want; where social and economic justice prevail and where privilege and power and exploitation are unknown - in fact, a country worthy of its people. That is why 1 believe that Australia must have a Labour government with its great humanitarian objectives to guide the destinies of this nation. This is a dynamic, challenging age - the age of sputniks, atomic energy and nuclear power. It is an age in which science has achieved almost the impossible. Australia is a nation which is rocketing ahead at tremendous speed, piloted by a Liberal-Country Party Government, but the disturbing fact is that the prime ministerial pilot and his deputy are rarely in the cockpit. Clearly, it is an alarming prospect, akin to hurtling into space on a push-bike. In order to avoid a crash, this Government must be defeated andI hope that the censure motion will be carried.

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