Australian inflation falls again
NZPA Canberra Australia’s rate of inflation in 1977 was 9.3 per cent, the first time since 1972 that it has fallen below 10 per cent. The Australian Bureau of Statistics released the December quarter’s consumer price index yesterday which showed a rise of 2.3 per cent.
The annual figure fulfills the Federal Government’s pledge to reduce inflation to single figures. Summer clothing and transport costs, particularly the increased petrol prices announced in the August Budget, were the most important factors in the December quarter’s 2.3 pe cent increase.
Government spokesmen said that the figure would give impetus to the Government’s policy to reduce interest rates by 2 per cent this year. The' Treasurer (Mr John Howard) said that he looked forward to further progress in reducing initiation in 1978. “The task of beating inflation. however, is far from! complete, and as has been made clear in recent weeks,) the Government is determined to maintain the overall thrust of its economic strategy until it is.” he said.
Mr Howard said that, in particular, this meant that the Government’s policies of maximum expenditure and wage restraint would continue.
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Press, 27 January 1978, Page 5
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190Australian inflation falls again Press, 27 January 1978, Page 5
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