AUSTRALIAN ECONOMY

Evening Post, Volume CXXXV, Issue 149, 25 June 1943, Page 5

AUSTRALIAN ECONOMY

BEST MANAGED IN WORLD Rec. 9 a.m. CANBERRA, June 24. Australian taxation was heavier than the combined taxation and post-war credit plans imposed by most other countries in the war, said the Federal Treasurer, Mr. J. B. Chifley, in the House of Representatives today. Mr. Chifley said he believed that taxation in Australia had almost reached saturation point. He added that the Government had no intention lof introducing a post-war credits plan. ! "We believe the maximum possible revenue should be obtained by taxation and will rely on taxation as far as it can be fairly and justly applied," he said. "Post-war credits would dry up a valuable source of voluntary loans." Mr. Chifley said that the economy of Australia was being managed better than that of any other country in the world. While the cost of living in Australia had increased by 22£ per cent., it had increased by 27 per cent, in the United Kingdom, despite the use of subsidies to the extent of £200,000,000 yearly. Mr. Chifley added that the Government realised the inflationary tendencies caused by the increasing flow of bank credits to meet the situation when consumption goods were not available and that economic controls might have to be tightened still more as the war continued. !