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Newspaper
Canberra Times
Location
Canberra, Australian Capital Territory, Australia
Date
Aug 18, 1971
Page
3
Federal Treasurer Mr Snedden laid out the 1971-72 Budget in the House of Katy i warning Australia is in grip of inflationary pressures. He argued the government must slow and hobble this trend while balancing growth and employment with a broad call for public cooperation.
The discussion notes that wages remained a significant factor in rising costs with average weekly earnings up 8.9 percent in 1969-71 and over 10 percent last year. Prices climbed, CPI up 3.2 percent in the earlier year and 4.8 percent last year, while underlying price growth exceeded 6 percent by June quarter. Demand and wage claims push costs higher, feeding a cost price loop, as government restraint is urged to curb expenditures and stabilize employment.
Mr Snedden said recent developments have led to a significant improvement in Commonwealth State financial arrangements. The June 1970 grants formula boosts State revenues and payroll tax transfers enhance their own revenue capacity. Total Commonwealth and payroll tax receipts to States are projected at about 3,280 million, a 437 million rise from last year. Local authorities gain from payroll tax relief on non business activities, while rising wage costs shape 1971 72 budgets.
The Commonwealth outlines a large rise in social welfare and repatriation expenditures for 1971-72 totaling 2.095 million, with a 268 million rise over last year. Pensions rise across multiple rates, including single and widows with children to 17.25 a week, married couples to 30.50, plus added child and dependent allowances and extended benefits for unemployment and sickness cases. War pensions see boosts, including special, intermediate, and widows’ rates, while endowment payments for young children increase and repayments extend to dependents of beneficiaries.
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