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J). A U S T R A L I A  .JÂ·

P R I M E  M I N I S T E R

FOR PRESS 19 NOVEMBER 1978

ELECTORATE TALK

The announcement of a further reduction in home mortgage  interest rates is a timely reminder of the success of the  Government's anti-inflation policies.  This cut —  that  will benefit hundreds of thousands of Australian families —

could not have been achieved without firm and steady  economic management. It could not have been achieved if the  Government had been diverted from its fight against  inflation.

The interest rates cut —  which follows a similar reduction  earlier this year and a cut in overdraft rates some three  weeks ago —  is one more clear sign that our policies  are working.

This year, the Government has continued to build on the  solid achievements of 1977. Inflation continues to fall;  interest rates are falling; investment is increasing and  Australian companies are again starting to look for

export opportunities.  This is the path to growth that will  give permanent jobs to Australians. There are no short cuts,  or magic elixirs to reducing unemployment. There is only  one answer. It's not very exciting, dramatic or attention  grabbing. It simply involves getting the fundamentals in

the economy right so that private enterprise is encouraged —   with incentive from Government —  to expand and to offer  new job opportunities.

The Government has also pressed forward with reforms that  provide increased opportunity for migrant families, for  Aboriginals, for the handicapped, the aged and infirm and has  further protected the rights of individual Australians.

It is unfortunate that the Federal Labor opposition has failed  to focus on these and other issues that affect every  Australian. They have been pre-occupied with peripheral  politics. They have sought —  through innuendo and  vitriol —  to attack the Government by probing the private

lives of Ministers. In this, they are led by the man who  is best know for his phrase that "the 80's will be the  decade of despair".

It is the Leader of the Opposition that has constantly tried  to talk down our national achievements; who has belittled  our aspirations; who has preached gloom and despondency.at  every opportunity and who has even knocked Australia and  Australians when he was on his first overseas trip as Leader

of the Opposition.

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It is the Leader of the Opposition who described the  Government's success in the fight against inflation as a  "false dawn" and who says he is "sceptical" about lower  interest .rates.

On the few occasions that Opposition spokesmen turn to  economic issues,  they fail to offer realistic  alternative policies. Labor calls for a budget deficit  that would run out to $4,500 million or more. That would  create economic havoc, setting inflation galloping off  again.

Labor's alternative to encourage industry is to abolish  the investment allowance; their alternative to our  police of encouraging exploration and development of oil  is to impose a $340 million levy on the profits of  Australia's crude oil producers.

Mr. Hayden has an alternative for Australian manufacturing. Just a few days ago he said "I am committed to seeing a  larger public sector over time". Mr. Hayden is advocating,  in these words, the progressive destruction of free  enterprise in this country —  death by inches for the Australian  economy. They are sad and sorry policies, out of touch with

Australian aspirations -- out of touch with reality. They  demonstrate again —  in the starkest terms —  that Labor no  longer represents the working men and women of this nation.

Australia will move into a great new decade of growth and  development, despite Mr. Hayden's best efforts to prevent it. The knockers and the whingers will be left lamenting.

Australians look to politicians to provide confidence and to advance  sound and workable policies. Australians have demonstrated  very plainly that they reject the politics of despair and  discontent. ,  '  -  ’"

Your Government has a vision of growth and development for  Australia -- a vision of stability, security, concern and  effective help for those in need. We have a vision of Australia  in which the freedom and opportunity for individual Australians  has no equal anywhere. By building on the foundations already

set that vision will be realised. I am confident all  Australians will meet this great task.

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