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ifiryrak x~ d i tCad e 1uionists now xepns nta
conltint~ ma round Vf v~ ad pieincriase-5 -is v-1tis-Lately
t~ n .? DAsintero-st_=
The in* flation. rctasce a -nthszeae -~ c-pimal. ha's zany
hidden costs:-tak4 ~ pime z. In. : 2972 -to uy a house
of avernqe cost,. an top of a tieposit of-$ 43W0 a p -ersc'n had
to earn $ 5 t~ to Cmu lit y for a ) mnk 3. an whA-ich Wofdhv
covercAM thi o mrb -aqe cost. L-.975 to buy a house of. averaqe
ccL_ s t in ac3dition-to a denosit. of $ 9000, a pxerso' zlee* aed
-to ea $ 12 a we-k toa cover the nmortsiage cost. AnJ
cras f 70prCentJ in earning~ s reapvirced, to b's y a house of
average cost, and over lf0 P'erceti incurem. e . In ume dpmsit
? qtop1e rre al5o h'nowingV e -xiai-r a way that they have not
been ltsef ore t1-hat m~ oney paid in ' exCsiave jincte-ases in
waesan. lar is nnot avatlatile to vreate -eg jo~ bs, or evea7
It is ti that We aLaCd thi; s fact' fairl-Y a~ ja Sq'Iatl Y
direaoy and open~ y -and stopped pretendinq Zhat t) ercl io
axzy eaz'y way ouL t_ Our Probki'ts.
OTne ofE -the roist. effective ., ays to tackle o'ir economic problems
is to azpAain ceryto, the pthlic t 1-he pe-o-pie on tbe s'o
floor the basic facts of cc'nvrnic l'ife.
The Gckvcrnnent has souqht by its actions to unaerline tte
tzemendous inzzortance to all us-Lzaliama of a2 rettunm to
prof itability in private enterprise.
The job " roit'L one fo'r _ tjhn, e Gvrn1et hr is a
qreat va-lue to all ! ins, ltarge eay~ si--all in oniltn
XT the d; xa ralation-pc-: icy we-p. laueCi ! bfore the people
ltte : last eet e e~ oai~ h . mp :-rtarcc of adequyate
constato wectin the flrm. siedth
At prefi erit 11arty 0o10r~ no~ otvc~ e h ave any way of
q4etti7nq a~ n acocuxato piottire of the invact of
wan7e X116. salary d nsonL t'heir o) wn f iLnn. ? PhjctnFJft he-y
haive a -very obvionus interest ini the pxrof-itabilitl-y zanI
C. f the enlterprie Vich apasthem, epmplo yees are too
of ten foryced toreprcnewresppao rt to1 find
Olut th-_ z cctna-tiol2' of th.. e -firm.
t'Oc3zi -tD zatilfr. ototv f etter lfe -kx a11
Perx" 1a
wbtb. r Ux" ta paeM i~ s a tffbtter fo lpxplici;
, ntt hi id i~ L ty
shaibd grvide ~ a sz'= 6~ zwr fox cOrmpe-titive ri
within t23is fr ~ icrt we rexpect b azinBsesi to $ 5tz-nd M t-s7
; own' -fe iz7. Th t-o L-. aj= or faj. j y t~ heiY on deiu-ioi.
* pBOe1 --ppe t1h;& di tCra lhie Par", must talte ep i4
for the siLutian Tt-~ 4v,; elcypa over the last -tx-n y~ eaxs;-
rjvck& Jy pe> p2le tare-e Sa1X&~ a k-n~ t beviu thiat Grremr ccil
do anytahvmaq wiiEirt ze~ qta" nt without co St..
: That jS % fhy the Oratpxrinq of proc~ o T~
appeaxed3 so atractiv-too viny zen. ed to be'lieve di
b~~ ihcSitE2raifiCaft coStS, that t1% Py wxulhd 171t ctaU8 e
-Uney'mp) oysent, L ! ot. asiLti
The exitical tthin evirr~ yone hsluld reais is that wa~~ a: 11
h-ave to mtae Ileos . mak chnipes -eve-ry ay in ' O-Ur.
private aiz f& wily 1ife cbocczs about h~ to Bpena Vau
imiy incom~ e, ~ a~ yat thich worth'while actirviie's iœ t -b
cormvnwity to z~ pport.. We 1knw these choiu~ s iust. be,
' Why is~ it titat wKan it c~ tsto* GCierrtia~ nt s~ o mwy zi
We nrut ae,& troy the ; wyt-h ttzt Caiarx irs -a btt-iess
pit of nvneriv. ' w~ e ciaute toC Power the o at
Goverruiient wa the bax~ xpt Govermenit in, hustiT. a~..
The debtv incuxxred will Itave to he 1) ai. 1They va' he. paP) i.
in-) V. art by increast~ qrA mth lin to greate~ r real weaXt~ h
wicd increased1 xeven-e.,
. Phe situt~ fion a iqiis of Vsa ab1A" ity to -rake choicus,
arnu ability to -Z7 io
Un13~ c~ os ~ iic leañ" errs are prepare~ i tto 61' o the ts
of our prosperity ocu-ht_-easily6etoet
P. lievinq! a raistic appreciation of ltlhe facts of emnpic 1-11a.
is-m ot just. a-jb ' fo. u$ r& o ~-zc
aSs Th f~ S a~ t as of the mornvwity alo~ ule
tracbe -unions, ciovernpt pt1nt s to & ti a. Chievin,
r reroritio' ( if Uviiq bb; sic fact of life.
h Only fhez 1' e&-A fa" practiCal u( rt c. thte i tteoe chrnrsis
wdepmaa Pa we s ure that the kind -of probThg we
arn osfferinn v4Xl not be .1e teatt-t. w iwilf -A2Cen' it.
tbe strattegy withi the ptclicies tE Goverro~ ernt hat; dopted,
Aus. Ltralia ciain 7lcrk fonq. x: r to a. refturn to ~ niyb. e rsei
-: z~ b~ tttex 1ifefjor. ll As x lians.
ozdei i elri xx weria t-L ao-0 th-e vazihoe A keepizq
dicJ2 s9e.. Thm Smtters Wi~ ln employees. -1 ave -, st 5sm on a 1ae
Cif 1TreetiX' Nhthe_-t~ y be ca. led wox~ s iwirgs
: CouzailB ax wyta+ J-qr ' Ma discussons ' have b* emf2 productive
A~ gvernJment Is zightlyv GkiticiseY " If it is T-t. rink-With.
the peop1' e abort~ the st-ate of the -o ntzy. . Fran') neztbougb
svmeiaes ditf'icuit ia easeZU41. and -not-i-at
There is, ined eoe. forirdsr o make -a raucii qreaer
of all Austra-lians iin ~. prof itaible and eff icient private sector-.
itzneeds to ' be ex. ained clearly that new palant, rnei euipo-ent,
P~ aw jobs axe Created~ vn of r-rofits&. That in a cocuntxyv like
Auvraia. pxofitir are very wiidely distzributed iftirectly
to bareholhders a~ d. indirectly to t. b4 milliUons of bolders Gf
inmi-rarace and sper-annuation po2. icilea Tie-re needis -to be
a. zuch clearer understandiing of the central role of private,
enterpri. se pr'-miding through taxatioll thie resoiDlces for
Governm~ ent to Spend On such thiniga as Social welfare,
* e~~ ictin~ oad~ dfene. and so oi
XTn the curret year, for earle,. prlitate en,' erpriL-, e. Will directly
cntribute -i1-throvigh commany taxes over $_ 2000 million to
Govermmeit ztore than enioxqh Wo cover the entire expenditure.
of the Conwe-al. th Government on eduicatluon.
1:, la." l expan. zton i soci-al prograames wbdch is Tnot finamced
L,, mply ' Ir transferrirg resources f ro sunwe other -group tu th
cvjunity muzst be financed out of qroxwtb.
Peal gruowth1 depnat on a healtby and vital private eterprise.
VYrj-Vat.-e C. nerp lae aoets not ~ eyprovide the rezaurc s which
Cswernent c , n use to Juiprov& its prvs. A. healthy
privat. e e~ rtterprise is an essenti~ l part of the ILfe
Austra. Lana \ 1llae.
TPrivate enterjprise provides thiu greaterst upportunit-ica
choice of rewaxdixtqi jobs;, choice of prcducts, anti choice of
s ~-~ d1111-I ia the svsten lqhi-ch cjives ' the rark ill the str-eet
the greatest control over what is produccd. In tbhis sense
it is the most den-Ocratic zystela the. ! Ystk~ a Which is montA cupatil
, w;. th the frecidcm Australians v~ alue.
In the last tbree years, a in-ajor as~ ault on private. enterprise
occurred all. Avztxaliins, but particularly Obe -weak~ er sect-ions
odf -the Co nmty mo~ t ( iepenideft on prosperity, have suffered
asa resu). t.