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Thursday, 28 August 1980
Page: 865

Mr KERIN (WERRIWA, NEW SOUTH WALES) - How does the Prime Minister reconcile his pledge of 12 September 1978 that inflation at an annual rate of 5 per cent is within our reach by mid- 1979' with the Budget prediction of an inflation rate of over 10 per cent for 1980-81 and the interdepartmental committee conclusion that 'the outlook for inflation has worsened'?

Mr HOWARD (BENNELONG, NEW SOUTH WALES) (Treasurer) - It is no secret- it has been the subject of question and answer in this House before - that the official advice available to the Government at the end of the financial year 1978-79 was a prediction of an inflation rate of around 5 per cent. That advice was properly included in the Budget Speech of 1978-79. Subsequently, there was a resurgence of inflationary pressures throughout the industrialised world. There is nothing unknown about that fact. The honourable member for Werriwa is raking over material which has been the subject of debate time and again in this House. The fact is that the performance of this country in 1980 in relation to inflation is way ahead of the average of the industrialised world.

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