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Wednesday, 28 October 1970

Mr BURY - The nature of the honourable member's question suggests that he is totally unfamiliar with the statistical process and with what can reasonably be calculated and not calculated. What I would point to, however, is the tremendous danger which threatens Australia from exorbitant wage awards and the various concessions which have been made on the industrial front. These are proceeding at such a rate that they threaten the whole stability of our currency and if they are continued for much longer, particularly in conjunction with serious disruptive strikes which interfere with the course of production, we shall see a quite inordinate rise in prices. The major threat to our economy and stability at the moment is from the cost side. These exorbitant rises in wages and salaries put tremendous pressure on costs which, in turn, will inevitably raise prices. What the ultimate outcome will be really depends on whether the community is prepared to have a little more discipline in its economic arrangements or to succumb to chaos, and it will succumb to chaos if it bows down completely before the systematic policy of the extreme left of the Australian Labor Party and the trade unions which control it and direct its main policy. Until and unless this process is resisted we face a very dubious immediate future.

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