Aust. promised inflation fight

Press, Volume CXIV, Issue 33514, 20 April 1974, Page 15

Aust. promised inflation fight

(N.Z.P.A -Reuter—Copyright

MELBOURNE, April 19

The Australian Opposition Leader, Mr Billy Snedden, is promising a five-point programme against inflation in the first three months if a Liberal-Country Party coalition comes to power in elections on May IS.

; His promised tax cut oft 'sAust6oom is in the pro-1 (gramme, announced today. I but he is taking a cautious I line on his earlier promise I Ito cut interest rates. He said that, "as a matter of economic responsibility,” lit would not be possible to; (make substantial cuts in. i rates of interest until in-1 flation was reduced. He said that interest rates, would come down, as the Budget was used to reduce excess demand. Mr Snedden’s promised, cuts in tax and interest rates have been criticised in I the past two weeks as in-; flationary. Mr Snedden promised: an; immediate review of Federal Government spending; and al meeting with the State Pre-, miers, to remove “duplication and waste” and to mod-, erate the growth rate of Government spending. He promised a national conference of unionists, em-| ployers and State Govern-, (ments, aimed at “voluntary of wage and price rises,” together with a short- i (term “freeze” of incomes! and prices, if necessary. He promised cuts in Gov-i

ernment spending and a isAust6oom tax cut in the 11974-75 budget; and a man(power and productivity pro‘gramme to supply more goods and to remove production bottle-necks. Mr Snedden said that the (Coalition's five-point programme would cut the rate lof price rises this financial' i year, while maintaining full employment. Earlier, Mr Snedden had welcomed the news that the Democratic Labour Part\ (had decided to put up candidates in the House of Representatives election in Victoria. ; He said that the decision, contrary to D.L.P. moves in ;New South XVales. Queensland and South Australia, had united the Opposition (parties in their attempt to idefeat the Labour Govern 'ment. Government supporters received their first fillip for [several days todav when the ■ Lord Mayor of Brisbane I (Alderman Clem Jones) an- ' nounced that he would stand ias a Labour candidate in the House of Representatives ■ (election.