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Wednesday, 20 March 1968


Mr BURY - I am aware that this particular thing has been kicked around by the Labor Party and others. That was the subordinate part to a general proposition I was making, that is, that if wages, salaries and incomes in this country rise a good deal faster than the capacity of the economy to produce goods and services, the end result will be inflation, a rise of prices and general instability. I also pointed out that this process is further complicated by the fact that for obvious reasons of which all honourable members are aware there had to be a considerable increase in Government expenditure, much of it to finance increased defence outlay. In those circumstances there was a danger of instability developing, and we had to decide on relative priorities. I imagine that all this is a fairly simple and obvious proposition, although I know it is not recognised by the Australian Labor Party because it is not prepared to face some of the facts of the situation. I finally pointed out that if we want to do all this and have all these things the only sensible course to set is the one we are trying to follow as hard as we can, which will lead to a great and increasing productivity in Australia.







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