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Wednesday, 21 November 1973
Page: 3673

Mr Graham (NORTH SYDNEY, NEW SOUTH WALES) asked the Treasurer, upon notice:

(1)   Will he set out in table form the annual rate of inflation, side by side with the growth figure as a percentage of the Gross National Product for the financial years 1946-47 to 1972-73.

(2)   Will he assess the annual rate of inflation, as at the present time, and estimate, at this current rate, its impact upon the estimated Gross National Product value in 1973-74.

Mr Crean - The answer to the honourable member's question is as follows:

(1)   The following table shows, since 1948-49, annual percentage changes in gross domestic product at current and constant prices, in the so-called implicit price deflator and in the consumer price index. Comparable series are not available prior to 1948-49.

Movements in the gross domestic products at constant prices are commonly used as a measure of economic growth although such a measure is subject to a number of limitations (see, for example, the recent Treasury Economic Paper entitled 'Economic Growth: Is it Worth Having?').

The implicit price deflator is often used as a broad indicator of price change for total gross domestic product. It is derived by dividing figures of gross domestic product at current prices by corresponding figures at constant prices. It is not, of course, a price index in the true sense.

The consumer price index, on the other hand, is designed to measure variations in prices of goods and services representing a high proportion of the expenditures of wage-earner households.

(a)   Formerly entitled gross national product. (b) Derived from series of estimates at average 1953-54 prices, (c) Derived from series of estimates at average 1959-60 prices. (d) Derived from series of estimates at average 1966-67 prices.

(2)   The figures published by the Statistician for the September quarter 1973 show an increase over the corresponding quarter in the previous year of 10.6 per cent in the Consumer Price Index. The implicit price deflator for gross domestic product is not yet available for the September quarter.

Aboriginal Pastoral Companies (Question No. 1182)

Mr Hunt asked the Minister representing the

Minister for Aboriginal Affairs, upon notice:

When may I expect an answer to my question No. 787.

Mr Bryant - The Minister for Aboriginal Affairs has provided the following answer to the honourable member's question:

The answer to question No. 787 appeared in Hansard of 7 November 1973 on pages 2966-2967.

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