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AUSTRALIAN ECONOMIC STRATEGY *
Author(s) -
Smithies Arthur
Publication year - 1963
Publication title -
economic record
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.365
H-Index - 42
eISSN - 1475-4932
pISSN - 0013-0249
DOI - 10.1111/j.1475-4932.1963.tb01457.x
Subject(s) - economics , inflation (cosmology) , balance of payments , balance (ability) , investment (military) , economic policy , government (linguistics) , current account , goods and services , wage , public economics , monetary economics , labour economics , market economy , political science , medicine , linguistics , philosophy , physics , politics , theoretical physics , law , exchange rate , physical medicine and rehabilitation
Summary To summarize, the Australian economic strategy since the war should be enlarged in several directions: (a) The current balance‐of‐payments deficit should be eliminated over the next decade. (b) Government expenditures, particularly on defence and foreign aid, should be increased, with total expenditures or goods and services rising to about 25 per cent of G.N.P. (c) The efficiency of investment in public works and housing should be improved. (d) Taxes and domestic savings should be increased. (e) New wage‐price policies should be evolved to avoid chronic tendencies towards inflation