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From Commentary
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5 minute read
When the Menzies government took office in December 1949, Australias public debt stood at 120 per cent of GDP. By the time Robert Menzies retired, on Australia Day, 1966, that proportion had dropped below 50 per cent. With the Treasurer on Thursday announcing eye-watering debt and deficits, the lessons of that achievement deserve to be at the forefront of public attention.
Unlike the Whitlam government, which relied primarily on inflation, then running at an annual average rate of 11 per cent, to erode the real value of public debt, the Menzies government which kept the average inflation rate to below 3 per cent did not secure debt reduction by expropriating savers. I…
Read the full article at: https://www.theaustralian.com.au/commentary/menzies-showed-the-way-to-selfreliant-recovery/news-story/8472416e124279cd87fadec79e996f82
