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IMPORT ŁICEH3IMG.
Fix this textThere are my people who appear to think that the
Fix this text"credit squeeze" and other domestic policies could be considerably
Fix this texteased if some measure of import licensing were restored.
Fix this textThis, in our opinion, is a misapprehension, but, as it
Fix this textis farily widely entertained, I propose to say something of an
Fix this textexplanatory kind. The argument to be answered apoears to run
Fix this textsomething like this*—
Fix this text"The rnaih problem was to arrest the fairly rapid
Fix this textrun-down of Australia’s overseas reserves, due to an
Fix this textadverse trade balance. Under these circumstances it
Fix this textwas a mistake to get ria of import licensing; for the
Fix this textresult was to increase the volume of imports and so
Fix this textaggravate the trade balance problem. Restore import
Fix this textlicensing, cut down the volume of imports, and all m 11
Fix this textbe wellj "
Fix this textThis argument ignores the true nature of the economic
Fix this textproblem, and the true peroose of the government’s measures.
Fix this textThe facts were, as they began to manifest themselves
Fix this textmore strongly towards tho end of the "boom" year of I960, that
Fix this text1, There was an immense rise in spending on goods and
Fix this textserviees; on public authority spending, private capital
Fix this textexpenditure on buildings and equipment, and personal
Fix this textconsumption spending.
Fix this textIt's easy and takes two shakes of a lamb's tail!
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