RETAIL PRICES RISING FASTEST IN AUSTRALIA

Press, Volume XCVI, Issue 28450, 3 December 1957, Page 19

RETAIL PRICES RISING FASTEST IN AUSTRALIA

Retail prices rose 4.7 per cent, in Australia between the second quarter of 1956 and the second quarter of 1957. This was a larger increase than was shown by the official retail price indices for the United Kingdom, Canada, New Zealand, the United States of America, France, or Western Germany. Figures collected by the Reserve Bank of New Zealand for these countries show that New Zealand’s price rise of 2.9 per Cent, over this period was one of the smallest, only France and Western Germany showing smaller increases. Over the preceding 12 months—when Australia and the United Kingdom headed the list with 4.7 per cent, increases —New Zealand retail prices rose 2.5 per cent. In that year increases smaller than New Zealand’s were recorded in Canada, the United States, and France.

The price rise in 1956-57 exceeded the 1955-56 rise in four countries—Canada, New Zealand, the United States of America, and France. In Britain and Western Germany the rate of increase slackened in the later year, and in Australia it was unchanged. In the table below, price increases in various countries between June, 1956, and June, 1957, are compared

IMPORT POLICY OF AUSTRALIA

General Changes “ Unlikely” (N.Z. Press Association—Copyright) CANBERRA, December 2. No general changes will be made in Australian import policy in the new quarterly licensing period which began yesterday, the Minister for Trade, Mr John McEwen, said last night. Mr McEwen said that no further import licensing relaxation would be possible. Indications were that exports would be “substantially less than they were last year,’’ he said. “So far in the current financial year our balance of payments has shown a satisfactory result,’* Mr McEwen announced after the Government’s review of Australia’s balance of payments position and prospects for the remainder of 1957-58. “It would be unrealistic to think that favourable results which occurred through events in 1956-57 will continue during 1957-58,’’ he said.

Major factors contributing to the drop in exports were lower world wool prices and Australia’s lower wheat yield, caused through lack of rain in the principal growing areas.

[ “It is clear that further sub- ! stantial relaxations are out of the question in present circumstances. ; but the Government does not i think that the situation makes any reduction in imports desirable or ! necessary,” he said. Mr McEwen said that there i would be several comparatively • minor changes in the licensing of ; a few items. But these variations, i to be published soon, would pro- . vide no over-all increase in the present licensing rate.

with increases in the previous 12 months: 1956-57. 1955-56. p.c. p.c. Aust. .. 4-4.7 -4-4.7 U.K. .. 4-3.2 4-4.7 Canada .. 4-3.2 4-1.6 N.Z. .. 4-2.9 4-2.5 U.S.A. .. 4-3.6 4-1.6 France .. ’ 4-2.0 4-1.0 W. Germany -j-1.0 4-4.0