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Lightening the load...

In election year 1977 Liberal Prime Minister Malcolm Fraser had promised Australians 'a fistful of dollars' mainly in the form of tax cuts.

By January 1978 inflation was at 7%, oil was at world parity price and the Australian economy was on the way to a large deficit. Income Tax surcharges of 1.5% were introduced in the 1978 August Budget.

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