WHY NOT PAY OFF DEBT, ASKS CHIFLEY ?

Grey River Argus, 25 February 1949, Page 8

WHY NOT PAY OFF DEBT, ASKS CHIFLEY ?

CANBERRA, Feb. 24. The Prime Minister, Mr Chifley, said in the House of Representatives that he hoped the Government would have a surplus of “a couple of million pounds,” of which he would not be ashamed. “Why should we not try in a time of prosperity to build up our funds to meet our debts?” he asked.

Mr Chifley was replying to the Opposition criticism of his recent financial statement. He claimed that the Government had given more in tax reductions than it had taken away in subsidies. Up until now the Opposition had told the Government that one thing which would provide a complete incentive for the workers would be a reduction in taxation. Did Mr Menzies now suggest that the reductions in taxation now made would now give all the. incentive the workers wanted? It was not likely that, if returned at the next election,, the Opposition would restore subsidies. The Government might take pride in the fact that it had placed Australia in a financial position unequalled by any other country. The Budget, was balanced last year. The Government had reduced the external debt by over £100.000.000.