NOTHING NEW UNDER THE SUN (ALMOST)
13th March, 1930 : The Labor Prime Minister James Scullin, warned yesterday that stringent measures had to be taken to curb the ballooning national debt and reverse the poor trade balance. He said primary industry and manufacturing had to be developed and rejected claims that lower wages were needed to lift production. “It would be a policy of despair to declare that the costs of production… were too high to permit the expansion of our industries,” he said, adding that the process would be helped if the masses of unemployed could be given useful work. The Government is planning to cut spending on defence and assisted migration.
[Nothing has changed. In order to develop your export industry you either allow wages to fall or you allow your currency to depreciate. Cutting defense spending in 1930 was not particularly smart either.]