AUSTRALIA’S SOLVENCY

Taranaki Daily News, 26 September 1930, Page 7

AUSTRALIA’S SOLVENCY

“SHOULD MOBILISE CREDIT” POLICY OF MR. W. M. HUGHES REDUCED TAXATION URGED CUT ADMINISTRATIVE COSTS By Telegraph—Press Assn. —Copyright. Sydney, Sept. 24. Mr. W. M. Hughes. ALP., as leader of the small political group styled the Australian Party, whose candidates at the forthcoming State elections number about 12, outlined policy to-night. All his references to Sir Otto Niemeyer’s mission were satirical. He denied that wages in Australia were too high and declared that these were fixed by arbitration according to price levels, and said that the Australian Party would resist attempt to reduce the standard of living and also would see to it that the rights both of capital and labour were adequately protected.

He contended that Australia was as solvent to-day as ever, and as a proof disclosed all the bank balance-sheets. Credit should be mobilised in order to assist private enterprise and the overdraft rate should be 6-1 per cent., which would stimulate industry. Taxation should be substantially reduced and business and company management called for a thorough reorganisation. The Australian Party would abolish all Legislative Councils, greatly reduce the membership of the Legislative Assemblies and abolish State Governors.