PM Transcripts

YH A. IA, ,7
PRIME MONISTER
FOR PRESS 8DECEMBER 1977
LIVING STANDARDS
The National Accounts for September which were released last week
include statistics which provide a further illustration of how
Australian living standards have risen since the Government was
elected two years ago.
The National Accounts show that real average earnings were
two to three percent higher in the September quarter than they
were in December 1975.
The previous National Accounts for the June quarter showed that
real household disposal income rose by 1.4 percent
in 1976-77.
Both trends.-are supported by the 5.2 percent increase in
real consumption expenditure since the Government came to office.
These statistics all mean that-the people of Australia are better
off today after two years of proper economic management,
fiscal restraint and anti-inflationary economic policies, than they
were under Labor's policies of unrestrained expenditure
and high taxation.
This rise in living standards is under threat from the ALP
which if elected to office would repeal the February tax cuts.
These tax cuts are worth a total of $ 26.7 million a week in
disposable income for all Australian taxpayers.
-The economic recovery-which is now underway would be greatly
damaged if this major aspect of the--1977-78 Budget strategy
were to b~ e reversed..
At the very' least an ALP Government would increase
inflation, retard development and stop the economy growing.
On the basis ofr the forecasting of the economic newsletter
Syntec, which has just been sent to subscribers, the
economic con-sectiences of a Labor Government would be even more
immediately dzastic and even more serious.