Politically, 1975 was a tumultuous year for Australia; for Equity Trustees, it represented an important corporate milestone.
The Gough Whitlam-led Labor Government was spinning out of control with Ministers resigning because of the infamous Khemlami affair where the Opposition was accusing Labor of attempting to unconstitutionally borrow money from the Middle East.
It ended with Liberal-National parties using their numbers in the Senate to block supply and the Governor-General, Sir John Kerr, breaking the deadlock by sacking the Government and calling an election. Politics was never the same again, and Whitlam’s remark, “Well may we say, ‘God save the Queen’, because nothing will save the Governor-General!” has become part of this country’s political folklore.
As these tumultuous events were unfolding in Canberra, Equity Trustees was continuing to grow its business. It was tough times, and not just politically, with Australia sliding into recession in 1974 and inflation in double digits, but Equity Trustees revealed in its results to 30 June 1975 that revenue had breached the $1 million-mark for the first time. It was to be 11 years later, the 1986 financial year, when the net profit after tax and extraordinary items hit $1 million for first time at $1.26 million.