PM Transcripts

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EXTRACT FROM PRIME MINISTER'S REMARKS
TO THE CHAMBERS OF COMMERCE RECEPTION
PERTH, W. A. SEPTEMBER 1968
There is just one other point I would make.
There was some discussion the other day as to action
which was taken over preventing an insurance company known as the
MLC from being taken over by capital from abroad. Some questions
were asked as to whether this meant there was a nalteration in the
Government's policy about overseas capital inflow. Well, it doesn't.
Our policy for a long time has been predicated on the
fact that we need to get as much developmental capital inflow from
abroad as it is possible to get if we are to develop as quickly as we
should. If there is any doubt about that, then let any West Australian
look at what is being done here and see whether it could possibly have
been done from capital generated within our own resources. But we
do want that capital to be overseas capital so that it is matched by
goods so that we don't lose our overseas balance. We don't want it
to be debenture capital raised inside Australia to be used by overseas
interests, and the overseas interests own what is built. And so we
wish to see that large amounts of Australian capital generated here
at present under the control of an Australian company don't fall under
the control of people outside. We saw no percentage in somebody
being able to spend $ 40 or $ 50 million to gain control of $ 750 million
of Australian capital. This desire that overseas capital should come
from overseas still persists, as does the desire that Australians
should be given the chance of equity participation in new developments.
But remember this. It's no good Australians expecting
to go along after risks have been taken, after a company has been
developed, after some years of input has gone on and dividends are
beginning to flow out and say, " Now we want to buy in. Not a bit.
They need to be offered the chance to take the risks at the beginning
and that is what we seek to see happen.
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