From the National Archives summary of major government decisions in 1976- released today under the "30 Year Rule":
In agriculture, cost and overseas marketing problems were compounded by a drought that covered much of the southern half of the country, requiring natural disaster assistance for fodder supply and livestock disposal. The dairy and fruit industries were in acute difficulties, requiring both price support and adjustment funding to encourage marginal farmers out of the industry. Forty thousand cattle had to be shot in Victoria because of drought and low butter fat prices. One farmer complained of the stupidity of tariff regimes that subsidised Japanese farmers $900 to raise a cow and Australian manufacturers $4000 to make a car.
Agricultural support issues often divided Cabinet, with Primary Industry championing the farmers and Treasury urging a greater emphasis on market realities and structural change. Other measures included the reintroduction of the superphosphate bounty and two increases in the floor price for wool. The Queensland government sought a 16% increase in domestic sugar prices, which had traditionally been inflated to subsidise exports. Cabinet offered 4% on the basis that export prices were good, but Queensland found this ‘completely unacceptable’ and induced Cabinet to raise it to 12%.
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