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Newspaper
Canberra Times
Location
Canberra, Australian Capital Territory, Australia
Date
Jun 11, 1976
Page
5
Australia’s wage inflation rate fell by about half in the year to March, while overall economic recovery remains tentative. Treasury data show average weekly earnings up 13.3 percent to six point two, seasonally adjusted, with a 27.3 percent rise a year earlier.
Fielding and Co Ltd directors said Aquila Container Industries Ltd bid was totally inadequate and should be rejected. They advised the offer undervalued Fielding with Capel Corp guidance noting the market price exceeded the offer and other shares were worth substantially more.
The University of Melbourne Institute of Applied Economic and Social Research warns in The Australian Economic Review that 1976-77 inflation could hover near 15 percent with real GDP rising about 2 percent and unemployment climbing to about 320,000 by early 1977. The forecast hinges on a restrictive federal budget and overestimated grants and loans, with plateau wage indexation contributing further risk.
The Minister for Primary Industry announces that the Bureau of Agricultural Economics will begin field interviews for an economic survey of the Australian grazing industry. Interviews in NSW, Tasmania, Queensland and WA start next week, with Victoria, SA and the Northern Territory in July and August.
The Statistician's office reports 38 209 new policies issued in March with insured value of 1 291.7 dollars. During the month 63 600 policies were discontinued. The total sum insured in these policies stood at 621.9 million dollars.
Five members of the Australian Meat Board were reappointed from July. Colonel M H H McArthur remains chairman with J P Dempster and J M Kerin representing producers, R G Jones exporting interests, and G Mackey from the Commonwealth Government. A review of the board’s powers functions and composition was announced to prepare for forthcoming legislative changes anticipated in the Budget session.
Irish text reports mounting worry among groups supporting rationalisation of Australia’s industry assistance policies about the future of the Industry Assistance Commission. A letter to Prime Minister Fraser urged independent advice and public inquiry, warning changes could erode scrutiny and bias policy toward departmental control.
The Minister for Transport Mr Nixon announced yesterday that an agreement has been reached on a freight equalisation scheme for Tasmania, outlining reforms to subsidise shipping costs and support the island's trade.
The Nimmo Commission report proposes doubling the Empress of Australia passenger subsidy to two million dollars annually. It endorses an equalisation scheme to align costs of moving goods between Tasmania and the mainland with similar land transport costs, covering southbound shipments of producers' materials and equipment.
Indices of shares show subsidy rates do not include freight equalisation. Government approves more generous provisions aligned with pre election policy. Nixon says the scheme should continue to meet objectives. North bound scheme cost estimated at 16 million dollars in year one. Med Nimmo’s range of recommendations awaits government consideration soon.
The Queensland Government held discussions this week with a major American company on coal production. Premier Bjelke Petersen announced yesterday that the export levy of six pounds per tonne would need to be lifted before there is full confidence in the coal industry and a return to top gear for coal exports.
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