AUSTERITY CUTS PREDICTED IN AUSTRALIA
CANBERRA, August 31.
Correspondents predict that when representatives of all the Commonwealth nations accept Britain’s invitation to visit London next month for what may be the most momentous Empire conference in history, they will be asked to make bigger sacrifices to meet the dollar crisis. It is believed that austerity more severe than during the war lies ahead of Australia. The greatest significance is attached to the fact that the Empire conference will probably coincide with the London meeting of the International Bank and Monetary Fund on September The immediate steps which Australia can take to help Britain will be decided by the Cabinet on Tuesday. It is believed that the impending import cuts are so far-reaching that they will have some effect on everybody, and that they will be more drastic than was thought necessary a fortnight ago. The threat of restrictions in the imports of motor-cars and other items has already caused a sharp rise in black market prices in the main Australian cities. From £5O to £lOO is stated to have been added to the black market prices of second-hand cars. -
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Greymouth Evening Star, 1 September 1947, Page 6
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189AUSTERITY CUTS PREDICTED IN AUSTRALIA Greymouth Evening Star, 1 September 1947, Page 6
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