I wish to clarify what I said regarding wage demands being the most important single factor in domestic inflation. I was not including imported inflation but was referring only to conditions obtaining at home. The Minister mentioned export prices but he was dealing with inflation in a more general way. I was referring to matters on the domestic scene. If wage demands on the domestic scene go beyond a certain percentage and are not justified by increased output they can result in a serious inflationary situation. This does not always appear to be understood by employees. When I say employees, I mean people in receipt of incomes at any level, whether professionals or otherwise. As I interpret it, unduly high wage demands on the domestic front are the biggest single factor in domestic inflation.
Export Promotion (Amendment) Bill, 1974: Committee and Final Stages.
Bill put through Committee, reported without amendment and received for final consideration.
Question proposed: "That the Bill do now pass."
Question put and agreed to
This Bill is certified a Money Bill in accordance with Article 22 of the Constitution.