Attack on oil policies

Press, 14 November 1981, Page 6

Attack on oil policies

PA Wellington The Social Credit leader (Mr B. C.Beetham) yesterday criticised the Labour and National parties for .using the “oil shocks” as their main reason for not being able to manage the economy. In an election speech at Hawera. Mr Beetham said Labour blamed its high external deficits of gross national product on what its leader (Mr Rowling) called "the first and by far the

greatest oil shock." in 1973. Mr Beetham said that in 1975-76 at the end of the Labour Government’s term oil payments represented 11.41 per cent of total imports. “In the year ending 1980-81 the figure was 16.8 per cent. In both cases it was a relatively small component of the total import bill. "The effect of the oil shocks was that the consumers price index rose from

11.2 per cent to 14.9 per cent from June, 1973. to June, 1975. “In the second oil shock it rose from 12.4 per cent, to 17.9 per cent and then dropped again in spite of the fact that the oil bill leapt again to $1,380 million,” Mr Beetham said. Social Credit was committed to sound fiscal management and to making New Zealand “totally independent in the energy field,” he said.