Australian Budget
Sir, —The Australian Budget and the comments on it by the Australian Treasurer, Mr Holt, make interesting and unusual reading. Mr Holt says that “Australia's gross national production increased by 8 per cent and that this increase could be regarded as growth in real terms and the present Budget sought to maintain this growth.” He added that 1962-63 had been a good production year, “notably so in the rural field, where several industries achieved records in output.” There was higher activity in building and construction, transport and communications, and a generally greater volume of trade; gold and foreign exchange rose by £65 million. In addition, Australia’s drawing rights at the International Monetary Fund now stood at £223 million. He did not mention the unemployment figure. And as an anti-climax to all this increased production, Mr Holt states that the nation will have to borrow £358,400.000 to bridge the > gap between imports and exports.—Yours, etc.. JOHN FORSTER. August 20, 1963.
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Bibliographic details
Press, Volume CII, Issue 30216, 22 August 1963, Page 3
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161Australian Budget Press, Volume CII, Issue 30216, 22 August 1963, Page 3
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