PM Transcripts

PRIME MINISTER
FOR MEDIA TUESDAY, 22 FEBRUARY 1983
* KEATING'S WORDS WILL DROWN HIM
Australians should be under no doubt about what Labor would do to
fund their multi-billion dollar spending spree.
The Shadow Treasurert Mr Keating, has made his Party's position
abundantly clear. Just eight days ago, on national radio, he
said, and I quote his own words his words, not mine:
" We have massive savings locked up in the banking system
( with) which the Commonwealth could quite easily fund
this sort of deficit and get the Australian economy
moving again". 14/ 2/ 83).
I was asked in Sydney today how Mr Keating would get his hands
on this money. I said then, and I repeat now, that a Labor
Government could pass laws to give directions to the banks.
Indeed, in its prices and incomes policy document, Labor says
it will even make institutions like building societies and
finance companies subject to Commonwealth direction.
Or they could put up interest rates so much by their borrowing
programs, including using funny bonds, that money wouldn't
be available for people to borrow for huuiiz'j lva 6v1 for
their small businesses.
We all remember in 1975 how Mr Whitlam was going to use the money
in private banks to pay public service salaries because he had
been denied supply by the Parliament.
Labor today, with Mr Keating as Shadow Treasurer, clearly still
would have no compunction about how they would use the banking
system for their own needs.
This afternoon, Mr Keating has tried to hide the true intentions
of Labor by making wild accusations about other people. All I've
done is quote his own words. Those words are around his neck.
They will drown him and his Party.
Australians will reject out of hand this attempted use of
Government power.