Economic Survey Before Budget

Press, Volume CVII, Issue 31384, 1 June 1967, Page 14

Economic Survey Before Budget

(New Zealand Frets Association) WELLINGTON, May 31. The Minister of Finance (Mr Muldoon) tonight assured the Opposition in Parliament that he would introduce an economic survey in the House two days before the Budget was presented on June 22.

Speaking during the committee stages of the Customs Amendment Bill, he said there had never been a more difficult time in which to Survey the economy and to see what might lie in the future.

“All predictions this year could be astray—depending on the wool prices next season —he said. “The Government’s action in the future cannot possibly be foreseen at the present time.” The Minister said the one theme he wished to emphasise throughout the debate was the present fluid economic situation.

"The Government is prepared to get through this most difficult period by the least painful methods and to provide at the end an economy which is in good heart so that the country can move forward in progress,” he said. Mr Muldoon said: “There can be no doubt that in the long term prospect, the economy of this country is sound—but for this year and possibly next year, the economy will go through difficult times.”

Mr R. J. Tizard (Lab. Pakuranga) said that the only information the Opposition

sought was how much the Government intended spending this year, and what it was intended to be spent on. But he claimed the Government steadfastly refused to give this. “We are invited to support a bill as a Government revenue measure when we don’t know what the increased revenue will be used for,” he said. “Until the Government’s spending proposals are put forward then it is obvious that the Opposition will fight the bill through the committee stages.”