Ten-Year Boom Forecast For Australian Economy

Press, Volume XCVIII, Issue 29001, 16 September 1959, Page 19

Ten-Year Boom Forecast For Australian Economy

(NJL. Press Association —Copyright)

HOBART, September 15.

Sir Frank Richardson, chairman of directors of Cox Brothers, Ltd., today forecast a booming Australian economy for the next 10 years.

Sir Frank Richardson said the country’s progress during the last 10 years would be only a “pale shadow” compared with the next 10 years. Addressing the Tasmanian Retail Traders’ Association, he said the cost of merchandising goods in Australia was the lowest in

the world —while the standard of efficiency in Australian retail stores was also the world’s best. Costs Higher The percentage cost of distributing goods in the United States was higher than the Australian figure, Sir Frank Richardson said. Australian stores worked on a cost price for merchandising of 20 to 22 per cent., with a gross profit of 25 to 28 per cent. Comparable figures for America were 36 to 38 per cent, merchandising cost, with 45 to 48 per cent, profit margin. Sir Frank Richardson said that with the recent rise of wool prices Australia’s exports would be worth about £2OO million more next year.

“Australia has no unemployment compared with other countries, and inflation is under control,” he said. “No-one should be hypocritical enough to object to the slight upward trend in price.”