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Salient. Victoria University Student Newspaper. [Volume 39, Number 19, 1976.]

Budget night

Budget night

The fun and games started when everyone filed in at 7.30. They're an impressive lot, our Parliamentarians (and don't ask me to prove that). The Labour Party went nutty and forced a silly division to waste ten minutes valuable drinking time right at the start. They got their deserts at the end.

We'll fight the CRISIS! ME3

Muldoon started by describing themess the economy is in, concentrating on the first four points above. However, [unclear: e] wisely said, the remedy for any one would exacerbate one or more of the others. So you sit tight and hold on? Surprisingly, he didn't get as stuck into 'three years of mismanagement' as much as I expected. Possibly his invective was suffering from jet-lag.

The description of NZ's situation, and world happenings stemming from his last tour (leaving out Paris strip-clubs), went on for some time. I had some gems, like the contradiction between our supporting Pacific nations independence but not allowing them independence to do something we don't like. Between the image and the reality and all that.

People were beginning to lose interest. So we turned to agriculture and started the analysis of no new capital accumulation. The question why? Wasn't answered very well it appears to have something to do with individual's motivations. If every farmer in Godzone wakes up one morning and says "Stuff the fertiliser" agriculture bombs.

More sensibly, the reason is that finance can find higher returns for its investment in non-productive areas. If the analysis was not there, the answer certainly came from it - giving more generous depreciation allowances, incentives and investment to encourage investment.

Similar depreciation favours were dispensed to fishing and the export industries. Unfortunately, the policies draw no distinction between the rich and poor in an industry. Consequently, as with the sheep retention scheme of 1967, the wrong people will benefit the most.

Some retraints are to be placed on local industries as increased sales tax. However, it is likely that Muldoon's wish to increase sales taxes, or even income taxes, were vetoed by Treasury, pointing to the effect this would have on retailers. As can be seen from the larger number of sales at the moment to give ready cash, many retailers are close to the wall. A little extra nudge......