THE PRICE OF PROGRESS
(N.Z. Press Assn.—-Copyright) LONDON, Sept. 25. Australia and New Zealand’s economic worries were small compared with those of the more advanced nations, “The Times” said today. In its annual financial and economic review, “The Times” said that the two nations had in recent months discovered the economic perplexities that had afflicted bigger Western economies for several years. “ ‘Stagflation’—the paradoxical combination of rising prices and increasing unemployment—has challenged the ingenuity of the two Governments and so far they have proved no more successful in solving this than others in Europe and North America,” “The Times” said.
The article said that economists of both nations expected improvements in the New Year of growth rates and perhaps some reduction in unemployment.
But by the standards which prevailed in most economies, 2 per cent unemployment was “good news indeed.”
New Zealand faced a potentially more serious situation, but because of its skilful negotiations it had won excellent terms from Britain in the light of entry into the Common Market. But New Zealand now had a healthy manufacturing industry and exploration successes that had been overshadowed by more spectacular mining ventures in Australia.
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Bibliographic details
Press, Volume CXII, Issue 33031, 26 September 1972, Page 1
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192THE PRICE OF PROGRESS Press, Volume CXII, Issue 33031, 26 September 1972, Page 1
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