PM Transcripts

P. M. No. 51/ 1_ 96.
CONSUYER PRICE INDEX
Statement by the Prime Minister, the Rt. Hon. R. G. Menzies
Among the objectives of our mu~ ch discussed economic policy were
The arresting of the run-down in our overseas balances and building them
up to satisfactory levels. This has been successfully achieved, the
reduction in imports in recent months being notable.
The halting of the inflationary boom. Today's announcement of the
Consumer Price Index figures demonstrates the success so far of our antiinflationary
measures. The figures released today for the six capitals
show that in 1960 up to and including the September quarter, the rises in
the Index were 1.8% and each of these being a quarterly
figure. Since the announcement of the measures of last November this
increase has steadily fallen until now it has turned into a reduction.
The three quarterly figures of 1961 are 0.6% and This puts
into graphic form the steady success of our measures in the battle
against inflditon. The news should be received with pleasure by all
Australians who feel that the battle against inflation is a battle for
the financial security of urdinary men and women.
I am informed, as a matter of interest, that in this last quarter the
overall movement of the Consumer Price Index was much the 3ame as would have
been shiown by the old Series Index.
CANBER. RA October, 19,61.