F78/ 241 tp
JjAUS ALIA 1
FOR PRESS 19 NOVEM4BER 1978
ELECTORATE TALK
The announcement of a further reduction in home mortgage
interest rates is a timely reminder of the success of the
Government's anti-inflation policies. This cut that
will benefit hundreds of thousands of Australian families
could not have been achieved without firm and steady
economic management. It could not have been achieved if the
Government had been diverted from its fight against
inflation.
The interest rates cut which follows a similar reduction
earlier this year and a cut in overdraft rates some three
weeks ago is one more clear sign that our policies
are working.
This year, the Government has continued to build on the
solid achievements of 1977. Inflation continues to fall;
interest rates are falling; investment is increasing and
Australian companies are again starting to look for
export opportunities. This is the path to growth that will
give permanent jobs to Australians. There are no short cuts,
or magic elixirs to reducing unemployment. There is only
one answer. It's not very exciting, dramatic or attention
grabbing. it simply involves getting the fundamentals in
the economy right so that private enterprise is encouraged
with incentive from Government to expand and to offer
new job opportunities.
The Government has also pressed forward with reforms that
provide increased opportunity for migrant families, for
Aboriginals, for the handicapped, the aged and infirm and has
further protected the rights of individual Australians.
It is unfortunate that the Federal Labor opposition has failed
to focus on these and other issues that affect every
Australian. They have been pre-occupied with peripheral
politics. They have sought through innuendo and
vitriol to attack the Government by probing the private
lives of ministers. In this, they are led by the man who
is best know for his phrase that " the 80' s will be the
decade of despair".
It is the Leader of the opposition that has constantly tried
to talk down our national achievements; who has belittled
our aspirations; who has preached gloom and despondency at
every opportunity and who has even knocked Australia and
Australians when he was on his first overseas trip as Leader
of the Opposition.
2
It is the Leader of the Opposition who described the
Government's success in the fight against inflation as a
" false dawn" and who says he is " sceptical" about lower
interest rates.
On the few occasions that Opposition spokesmen turn to
economic issues, they fail to offer realistic
alternative policies. Labor calls for a budget deficit
that would run out to $ 4,500 million or more. That would
create economic havoc, setting inflation galloping off
again.
Labor's alternative to encourage industry is to abolish
the investment allowance; their alternative to our
police of encouraging exploration and development of oil
is to impose a $ 340 million levy on the profits of
Australia's crude oil producers.
Mr. Hayden has an alternative for Australian manufacturing.
Just a few days ago he said " I am committed to seeing a
larger public sector over time". Mr. Hayden is advocating,
in these words, the progressive destruction of free
enterprise in this country death by inches for the Australian
economy. They are sad and sorry policies, out of touch with
Australian aspirations out of touch with reality. They
demonstrate again in the starkest terms that Labor no
longer represents the working men and women of this nation.
Australia will move into a great new decade of growth and
development, despite Mr. Hayden's best efforts to prevent it.
The knockers and the whingers will be left lamenting.
Australians look to politicians to provide confidence and to advance
sound and workable policies. Australians have demonstrated
very plainly that they reject the politics of despair and
discontent.
Your Government has a vision of growth and development for
Australia a vision of stability, security, concern and
effective help for those in need. We have a vision of Australia
in which the freedom and opportunity for individual Australians
has no equal anywhere. By building on the foundations already
set that vision will be realised. I am confident all
Australians will meet this great task.
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