Speeches

Start Date
01 January 1955
End Date
31 December 1955
Notes
The National Library of Australia is using this item to test handwritten text recognition in Trove
Physical Context
MS 4936-Papers of Sir Robert Menzies/Class. Consignment received 1993/File 30
View Finding Aid

Text

STATEMENT 3Y THE PRIME MINISTER (MR. MENZIES) IN THE HOUSE  

OF REPRESENTATIVES, ON TUESDAY, 27TH SEPTEMBER, 1955.  

STATEMENT ON THE ECONOMY  

On August 24, my colleague, the Treasurer, delivered his  

Budget Speech. The prime purpose of Budget Speech is the outlining  

of the Government's revenue and expenditure proposals and the announcing  

of any new proposals in either field.  

This last Budget was also accompanied by careful analysis  

of the present state of the economy; an analysis which deserves much  

careful study. When the Budget rejected proposals for reduced taxation  

or allowances, it did so against the background of state of prosperity  

in which can be discerned certain tendencies of dangerous kind. In  

brief, it was pointed out thÄ…t although our prosperity is high and real  

and, indeed, unprecedented, ce^ain factors are visible which can cause  

us great difficulty unless they are brought under control.  

In the course of his speech, my colleague, in the clearest  

terms, directed attention to our shortages of labour, rising wages and  

other cost elements, the substantial deficit in our external trade,  

serious running down in our overseas exchange reserves, much too high  

level in the demand for imports; demand due to the fact that internal  

demand fpr goods and resources in Australia is far greater than available  

local supplies, and the excess demand is thus spilling over into the  

field of imports. He drew attention to the existence of boom, chiefly  

in consumer spending and in private investment. He pointed out the impact  

upon this boom of an over-expansion of credit on the part of the banking  

system and the rapid growth of hire purchase finance.  

These problems have not fallen in magnitude since the Budget.  

On the contrary, the pressures in respect of most have grown even in the  

last few weeks. Above all, the wool sales have opened and there has been  

substantial fall in the price of wool. This cannot be ignored. There<-  

fore, before he proceeded overseas, my colleague had extensive talks with  

the Cabinet, and I, myself, indicated to him certain steps which thought  

ought to be taken notwithstanding his absence abroad. He entirely agreed.  

It will, think, assist the House and the people best, and  

add to general understanding, if first of all indicate the aspects of  

the economy with which propose to deal in this statement and then  

indicate the programme of action in the case of each. But even before  

doing this, it seems of vital importance to establish some balance and  

proportion in our own minds. Whenever there are economic problems of  

critical importance to be dealt with, the first views to be heard are  

all too frequently extreme and unthinking views. Thus in time of  

undoubted prosperity like the present, any proposals to guard against  

allowing that prosperity to be undermined will be greeted with instant  

hostility by some people, on the simple view that prosperity can always  

be allowed to look after itself â€” â€˜Let's eat, drink and be merry, for  

perhaps tomorrow we won't die'·  

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