Australia Amid considerable difficulties all parties in Australia, with one
exception, have been able to agree on a pro- gramme which satisfies the expectations, expressed in these columns last week. The Premiers' Conference has adopted a resolution expressing the agreed views of the Federal Government and the Opposition, and calling for a reduction of all expenditure, including " interest on Governinent securities and other interest, also expenditure upon Governmental salaries, wages, pensions and other _social services." The reduction in interest charges is to be carried out by means of voluntary conversion, at least in the first place. The spirit of sacrifice in the bondholders may or may not be stimulated by Mr. Theodore's statement that " Although it was not specifically stated, it was agreed implicitly that those who did not convert could not be allowed to go free from making their contribution to the national sacrifice." The one dissentient is the pertinacious Mr. Lang, who made the reservation that New South Wales should not apply the scheme for reduction of expenditure until conversion had proved a success.
Previous page
