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Transcripts from the Prime Ministers of Australia

Transcript 2897

ACTION ON PRICES

Photo of Whitlam, Gough

Whitlam, Gough

Period of Service: 05/12/1972 to 11/11/1975

More information about Whitlam, Gough on The National Archive website.

Release Date: 16/04/1973

Release Type: Media Release

Transcript ID: 2897

-~ AUSTRCALIA Press Statement No. 78
16 April 1973
ACTION ON PRICES
The Australian Government today dedided to seek
urgently proposals for the stabilisation of domestic
prices of meat.
The Prime Minister, Mr. Whitlam, said today
that Cabinet had decided that the minister for Primary
Industry, Senator Wriedt, should seek the proposals from
the Australian Meat Board.
The board will be asked to submit a plan for the
stabilisation of domestic meat prices for consideration
by the Government before the Premiers' Conference on
Prices and Incomes Policy.
The Premiers' Conference will be held in
Canberra on 10 May.
This was one of several decisions on prices reached
by Cabinet today.
Cabinet authorised the urgent preparation of
legislation to establish a prices justification body.
The Treasurer, Mr. Crean, will draft the legislation
in -consultation with the Attorney-General, Senator Murphy,
in time for its introduction and passage during the present
Parliamentary sittings.
Cabinet decided that in the development of the
legislation the following points should be taken into
account: The approach should be directed towards prices
justification rather than price control;
The name of the new body should be the
Prices Justification Board; ./ 2

S The board should be an independent body
responsible to the Prime Minister; and
S The board should not be limited to considering
only matters referred to it but should be given
authority to initiate investigations on its own
account where significant price increases are
noted.
In other decisions on prices, Cabinet decided that
the Economic Committee of Cabinet will be responsible for
developing for the Cabinet the Government's policy in
respect of prices and, in particular, for studying and
reporting upon all Ministerial proposals which can
affect prices. A special secretariat will be established in the
Department of the Prime Minister and Cabinet to assist
the work of the committee.
Cabinet decided to arrange for the Joint Parliamentary
Committee on Prices to conduct immediate inquiries into prices
of goods with high import content which have not fallen
following the exchange rate appreciation in December 1972.
In addition, Ministers who are members of the
Economic Committee are to be invited to submit, as a
matter of urgency, proposals for action which
might affect prices.
CANBERRA A. C. T.

Transcript 2897