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Howard's superannuation diversion.

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  Australian Labor Party   National ALP

Simon Crean - Howard's Superannuation Diversion Tuesday, 10 April 2001

Howard's Superannuation Diversion Simon Crean - Shadow Treasurer

Media Statement - 9 April 2001

The real reason behind John Howard's desperate attempt to scare small business over superannuation was exposed today with the release of further damaging job and housing figures.

After his GST increased bankruptcies, pushed inflation to a 10-year high, slashed investment, drove the building industry to its worst period on record and foisted a mountain of GST paperwork on the backs of every small business, is it any wonder that John Howard is left clutching at straws?

Today, the ANZ Job Advertisement series - a leading indicator of employment growth in the economy - recorded a fall of 7.9 percent in March, following the 10 per cent decline in February.

Job advertisements have fallen 17 per cent in just the last two months - the largest two-month decline since 1982 when John Howard was Treasurer. ●

The series is now 31.6 per cent lower than June 2000 - just before he introduced his GST. ●

The Australian Bureau of Statistics today also released Housing Finance figures which continue to point to the king hit of the GST on the construction sector, with the number of new home loans down a further 4.1 per cent in February.

Finance for the construction of new dwellings fell 6.2 per cent to be down 43.2 per cent in the year; ●

Finance for the purchase of new dwellings fell 9.4 per cent in February to be down 15.7 per cent in the year. ●

And only a week and half ago, the ABS revealed that building approvals fell 10.8 per cent to be down a record 43.5 per cent in the year.

With his record as an economic manager in tatters, is it any wonder John Howard's only defence is to resort to a desperate scare campaign aimed at small business to try to save his


political skin?


Authorised by Geoff Walsh, 19 National Circuit, Barton ACT 2600.

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