/ NOT FOR RELEASE
PRESS CONFERENCE, PARMELIA HOTEL,
PERTH. W. A. 4L/ f
4 May 1972
I wonder if I could go through some sort of preliminary
explanation to you first.
As we all know, there has been a deal said about our
Imiration Policy and programme, so on the way here, I had a talk
to D. For es, the Minister for Immigration, in Adelaide; and then
on the way across here, I personally edited a statement relating to
Government policy.
Now this is of great national importance because it will be
definitive, but it will explain exactly what our policy is, in fact,
and the way the administration of that policy will be carried out in
the future. I don't know how you'd like me to handle this, but I have
copies of this paper prepared for you. Simultaneously, on the trip
coming here I prepared one on the differences between the Policy of
my own Government, the Liberal/ Country Party Government, and that
of the E: Pposition., and the questions that the Opposition must
* answer. I've done both of those they're in type.. If you'd like
I could just read them out to you now and then you could know
exactly what our policy is. Then, you can go on to any other kind
of question that you want to ask me. I think the first one is so
important, the precision is also important to us.
Q Prime Minister, your visit here is being seen by some
as the launching of the Liberal Party campaign for the
Federal Election this year. If so, how worried ar you
about the Election?
PM Well, the first ~ part of your statement is wrong
the second one is not necessarily cause for alarm.
Q Sorry, Mr Prime Minister, for reverting the statement
like that. Could you tell us whether you see any disparity
between this statement and those made by Mr Chipp?
PM Mr Chipp has gone on the record. I'd say that he
endorses the statement made by my colleague, the Minister
for Immigration, and has no differences with him whatsoever
as to what Government policy is and means.
Q We've a very severe drought in our goldfields areas -9
at the moment. What are the prospects of our pastoralistsJ
in those areas getting Commonwealth loan grants
PM Yes, we have a policy that ought to be pretty well
known by now because it's been in existence at least since
I was in the Treasury, and I was one of those who could be
regarded as the father or the mother of the programmes
relating to drought and other national disasters. What
we do is to say to the State Governments you handle these
up to the limit of your capacity. If it is beyond your
capacity then let us know, and we will do our best to help.
/ 2
2.
Now, put in terms of pounds, shillings and pence, we say
to the various State Governments,' all right, you handle
these droughts anid other tradegies up to a certain limit,
and above that, providing we agree with you as to the
conditions that exist, then we'll find the finance for
the rest of it.
So the position today is that, if the Labor Government
in Western Australia, think that there is a drought existing
there of severe proportions that they can't handle themselves,
and was beyond the financial amount that has been agreed
upon between the two Governments, they can then make an
application to us for the funds.
Q Sir, will your Government intervene in the dispute
between Queensland and Papua/ New Guinea over the far north
of the Queensland border, and try to settle the dispute
while Papua/ New Guinea is still under Australian jurisdiction
or take the matter to the International Court that was
mentioned by MR Whitlam, I think
PM Could you go through that again for me, please Just
read it again if you don't mind.
UQQ ueenslWailnl dt hea ndG oPvaeprunam/ eNnetw inGtueirnveean eo veirn tthhee dFiasr puNtoer thbeertnw een pluV&
Queensland border, and try to settle the dispute while
Papua/ New Guinea is still under Australian jurisdiction
rather than wait till Papua/ New Guinea gets independence,
and then take the matter to the International Court?
PM At the moment, it's clear without any doubt that the
jurisdiction over the areas there are with the Queensland
Govenrment. It is a matter that we could naturally talk
to the Queensland Government about, but it is one that
does not, I think, justify any action by the International
Court of Justice.
Q Prime Minister, in the light of the happenings of
this week do you consider the way in which the war in
Vietnam is conducted, say two or three years ago, was a
waste of time
PM No I don't. I do not. I think we gave the Vietnamese,
through the joint operations of our allies and ourselves,
the opportunity to defend themselves, and to complete
their policy of Vietnamisation. What I have to admit is
that it does appear as though the attack by the North
Vietnamese strongly supported in arms and equipment by
the Russians, has created a dangerous situation there.
I don't concede it was a mistake to intervene. I think
it was proper, providing we accept that the basic
principle was to help that country defend itself, and keep
its own independence. I hope they continue to be successful.
I hope they do.
Q Are you still in close contact with * Mr Nixon about our
policy in Vietnam
PM No, not in close contact with him: Not as close as I was
during the period that we had troops at Phuoc Tuy Province. ./ 3
33.*
Q But this would mean that we would discover our own
policy irrespective of the policy of the United States
at the present time
PM What do you mean by that -because we have no troops
there, and I have already stat~ d that we won't be permitting
troops to return, combat troop Is so there is very little
of our policy involved here.
Q We would not act in any othe'rway
PM No.
Q Prime Minister, could I revert back to the statement.
Mr Calwell seems to think that there is evidence that
the settlement of non-Europeans in this city is notsuccessful.
Your statement here says that obviously
the policy and its administration has been successful.
What do you have to say about MIR Calwell's mment?
PM From the information given to me as late as today
the number of non-European, or people of partial non-
European stock coming to Australia, is not very great.
But percentage-wise, there is a bigger number coming into
Western Australia than to other parts of Australia. But
the second point that I want to make is that they seem to
be being integrated fairly well, and so far as we are
concerned, looking at it from a totally Australian point
of view, there have been very little difficulties. But
nonetheless we recognise that there are more coming here,
percentage-wise, and consequently it's a matter which we
have and will continue to give very close attention.
I don't regard it as an insuperable or difficult problem
to manage.
QMr Whitlamd has accused you of not giving voting rights to
18 year olds becauseyou might be afra:. d of how young
Australians might express themselves at the polls. What
answer do you have to this and what is the reason why _ jou
have rejected the proposition of ' 18 year * old voting rights?
PM Well, the answer to the first part is that I take very
little notice of what Mr Whitlam says, ever, and I'll
continueto adopt that policy while I remain the Prime Minister,
and I hope that will be a long time. And it's a political
question, therefore, that I have to answer. But I made it
clear in the House that we would not be giving a vote to
the 18 year olds during the forthcoming election. And
I believe that to be correct for several reasons.
The first one is that if you look -at our Constitution
itself, you will find that there is a clause in it that
requires the person to be of adult age. I know that there
is a great deal of difficulty in various interpretations
that can be based upon . the words. But until they are at a
stage throughout Australia where they are given complete
adult status with all the rights and responsibilities,
then I feel we are correct in maintaining the correct
position. The second pointis that if you test Australian opinion,
./ 4
PM conf lict
Q PM and the gallup polls are helpful here, although I don't
necessarily say that we look at the gallup polls under
all sets of circumstances; But if you test the gallup
polls, I think you'll find that a pretty healthy majority
of people feel that it's bett-er to wait until you feel
that they have these responsibilities and privileges,
full adulthood, before we move to give them the vote in
the Commonwealth Parliament.
And don't forget, under our Constitution, you can't
be a member of the Commonwealth Parliament unless you're
21 years of age.
Mr McMahon, on the financial scene, do you expect
to be able to announce the results of your enquiry into
the State taxation system before the next Federal election
No. Will the Federal Government consider taking over
Company legislation in Australia
What I hiive said during the course of the last dy
or two, in fact I said it last night, published in today's
papers, that what we are doing immediately is to look at
the Restrictive Practices Act and we will considerably
strengthen= t. But bfore-we move to legislation, we will
table a statement in the Senate and the House of Representatives;
we will throw it open to full debate there, and we will invite
discussions from commercial, industrial and other interests,
before we put it down in terms of a BILL. We feel that this
is what is necessary. And of course, if we legislate, and we
believe we have proper power under the Constitution to
legislate, then of course to the extent to which there is any
between State and Commonwealth legislation, our legislation
will prevail. That is number one. The other one that I
mentioned which is relevant, but not necessarily relevant
to the question you asked, but also we'll be ta. b. ling a paper
round about the same time on capital inflow into this country,
and of course foreign takeovers, or attempted takeovers
will be considered in the context of both those statements.
Sir, you were met at the airport by a group of de
strators whose theme seemed to be unemployment. Would you
care to comment on how you feel abouEttisparticularly
in Western Australia an increase or a decrease
WEll, first of all, I saw a small group, but I didn't
know what they were yelling out about. And last time I
was here, I remember up to one of them and saying ' Aren't
you the son of so-and-so, a pretty good Liberal?' And he
said ' Yes'. I said ' What are you doing here?' He said
' I get $ 10 for this'. So I've forgotten it. I've never
heard that before anywhere. I hope it doesn't spread too
far. But what do I feel * personally about the unemployment
position, on a general plane? I think that any reasonable
person, knowing that we have to absorb 180,000 young people
leaving school or tertiary education over the Christmas
NEW Year period, must know that the figure we've got the
enemployment down to now, by the end of March, was pretty good.
") dly S-/ 4
I dont' want to enter the field here of making forecasts
in front of my colleague, the Minister for Labour and
National Service, because he takes the responsibility
and when the figures become available, I think he should
announce them, and if they've fallen substantially, get
the credit for it.
But of this I can assure you, that on thebasis of a
general overall look, and knowing the trends, and loo]~ ing
at them as he and he alone could look at them on the advice
of his advisers, he feels the outlook is pretty good.
Naturally, I'll be waiting until the next figures comes
out, and I think if I can just fall in with his optimism,
I think it's the right way to look at it without mak~ ing
any positive forecasts.
As to the specific position of Western Australia,
of course you have your difficulties other than the one
of school leavers and people leaving tertiary education.
What you had is the end of the mining boom, and consequently,
you must have felt a more severe rise in unemployment than
you have in any other state. But what have we done We
gave you money for rural unemployment, and rural unemployment
is pretty sound now. If you look at the March figures, you
will see that percentage wise you've-done better than in
March of other years, and certainly for the last two.
Thirdly, we gave pretty substantial votes to your
Government in order to improve economic conditions.
And so you'll find gradually a greater feeling of
confidence, and I'm sure it is here now rate of demand
for labour, and I know that that regular demand is
improving, particularly in the vacancies position, is
improving very strongly. So we hope, the Government hopes,
and I particula-rly hope that as a result of what we've done
at Loan Council and Premiers' Conference, and later on with
the mini-Budget, that we'll find the kind of result that we
need, and we'll get the figures that we think are satisfactory.
But, if we don't get them, the economy isn't moving
along the way we-want. And, as we've done so frequently,
we will move again. I don't think we'll have to, but as
my Government doesn't believe in the old fashioned idea
of moving only at budget time. we've shown that we don't
stick to that hold and I can assure you that if we find
it necessary to move again, we most certainly will do so.
Q On that tack, Sir, Mr Gorton is quoted as suggesting
that the Liberal/ Coun-' ry Party coalition could do with
revitalising and new ideas. Do you have anything to say?
PM No. I have never commented about Mr Gorton or any of
his statements.
Q Then the suggestion from me that there could be
revitalising and new ideas
PM Well, I don't put you in the same class as Mr Gorton.
If you don't mind, I'd rather answer him direct.
Q. Then an idea which is old in the Liberal Party.
Do you see room in the Liberal Party for continuing rights
of the individual and free enterprise In a growing
nation, can that principle be pursued
/ 6.71
PM I've lived for those two ideals that you've mentioned.
I wouldn't have gone into Parliament if I'd not thought I
could make a contribution to maintaining the rights of the
individual to feedorn and independence within the law.
And I'll do everything I can in the time that I am there
to see that those rights and those privileges are kept
in tact. And that's why I'll do my best to defeat the
Labor Party that is socialist in outlook, and if you get
to know them as I know them, you'll know that they're not
only socialist, but centralist, but they want their will
to be enforced upon the people rather than think of
themselves as there in the interests of the people and
the liberties of the people themselves. And that's why
all so frequently we do come along and want the people to
live within the law. That's why we try to strengthen it
whenever we can as for example in our industrial relations.
As to free enterprise, free enterprise has made us the
great country we are. You in Western Australia know what
it's meant to the development of this country, the developof
the mining interests. And of course I'll protect it all
I can; of course I should have praised-it much more than I
have in the past few months. But I can assure you, that now
that you've raised it, tomorrow at the meeting with Industry
and Commerce I'll priase them,-and let you know exactly
what I think of them..
Q Mr McMahon, on the question of inflation how important
does the Government think it is to Keep these brakes on the
economy in order to control inflation during the next few
months? And secondly, in view of the high level of
liquidity on the surface at the moment, will the Government
consider a prices and incomes policy to prevent a further
growth of inflation?
PM There's obviously misconception in what you've stated.
And the second part of your question, the conclusion doesn't
follow from your premises. So that's the easiest and most
definite ~ ay in which I can answer your question. Would you
mind then if I give my impression of what you mean. There
are two ways of looking at an economy today. The first one
is to look at the question of inflation and ask yourself.
how is it caused. Is it due to demand or is it due to wages?
Our inflation as we know now, is fundamentally due to wage
inflation. And if you've seen wages rising at about 11% or
more, and you've got productivity rising at the raeof 2
then, without any doubt whatsoever, as to the difference
between the two, you will have an inflationary pressure
which sooner or later must manifest itself. So that is
there, and it depends on the wage fixing tribunals as to
the extent of inflation. This sort of wage cost inflation
will go on. But, as I tried to say a few minutes ago,
we in the Liberal Party don't live with the old fashioned
ideas that everything is created by a single cause. And we
don't believe in the old theory that demand inflation is the
only cause of inflation. So what we've shown pretty clearly
since November of last year, is that we would when we realised
that demand was not growing as rapidly as we wanted it to,
we knew that cost inflation would go on for some
time if our policies turned out to be successful,
inflation would be gradually reined in under control
we decided that demand wasn't high enough so we
stimulated through monetary policy.
WE then had the Premiers Conference I believe the
most successful I've known in 22 years and we then gave
the States aditional ability to spend, and that created
further demand. Later on, we approved, in the field of
education. a large grant for the building of schools.
And in the mini-budget we again boosted demand to a
considerable extent by about $ 180 million, which by
indirect effect wouldt probably increase demand over
a period by as much as a minimum of $ 350 m.
So that we've shown that we are prepared to move in
terms of assisting demand, but at the same time we have
taken action to rein in cost wage inflation if we can.
An importarlit decis:. on willbe that of the Commission in the
National Wage Case when it appears early next week.
As to the last part of your question, I said it did't
follow. It was a non sequitur, or the conclusion that you
came to wasn't a logical one based on the facts that you'vye
mentioned. But if you could tell me exactly what it is
that you want me to answer, I'll give you the precise answer
to it.
Q IN VIEW of the extent of wage costs causing inflation,
in order to prevent this happening again, will the Government
consider implementing some kind of prices and incomes
policy?
PM I've given the ans-.' er to this in the House on several
occasions. We frankly do not believe, not at the moment
anyhow, that a wage price tribunal can be successful.
We've not seen it successful in any other country. And
we know of no good reason why we think that there should
be something novel about it in the case of Australia.
But what I have done is ask the Treasury to prepare a
paper for me it would be another form of white paper
showing the actio~ n taken in other countries, and the
results or the consequence of theaction that has been taken.
THis will be debated, and if we felt that, after the debate
had occurred in the House, we were justified in making some
changes, we would do so. But I can assure you of this-that
unless wages themselves are brough) t under control by the
tribunals, then it would be extremely difficult to get a
prices and incomes policy that would be satisfactory or
would give an appearance of being able to work reasonably.
Q Mr Prime Minister, our Wooldgrowers will express ( 61_
unhappiness if they've got to wait any longer for their
wool acquisition plan. They say that the RAndall Report
should have been completed in time for legislation to be
introduced this session. The situation is quite acute.
Can you offer them any hope?
PM First of all I dispute your words; the last word that
you've used.-But secondly, I ask. you people this question.
We appointed the RAndall Committee, and Sir Richard is a
very talented civil servant, and we asked him if he would
report to us on what should be done, particularly with
regard to the deficiency payments in the 1972/ 73 woolgrowing
season. That report is very nearly ready I belio-ve / 8
8. L
it will be ready within the next two or three weeks.
I don't belive that a Government should be called upon
to make adEcision for the 1972/ 73 season until that report
is in our hands. I believe it would be wrong, having asked
that Committee to make it; it has spent a lot of time and
a tremendous amount of effort; if we were to turn round
and we were to foreclose any of the options of that
Committee or any other recommendations that had been made
to us. Thiey'll come to us very quickly, and we'll certainly
be mna position to act well before the next wool-selling
season commences so that the closing part of your statement
is correct.
Q MR Prime Minister, it has been suggested from Country
Party members that the LIberal Party members are opposed
to an acquisition scheme, particularly those members in
Sydney, in that area
PM I have given you the answer to the question which
follows on the one that was immediately asked. I see
no reason in the wwrld why we should foreclose any of
our options before the Randall Committee Report. it
will be reporting to us within fourteen days or not
much later and until that stage is reached, neither I
nor any of my colleagues will be prepared to make any
kind of statement publicly about acquisition.
Aansd t. h t1e part of your statement about
a difference of opinion on that aspect you are wrong.
Q Last month, it was announced that there would be a
review of the taxation system. What chance is there of
us seeing any reforms in this year's budget
PM I've answered that questirn already based upon the
findings of the Committee.
Q Prime Minister, do you think it's fair the intervention
of the Government particularly State Governmentsin
business as we've experienced in the last few days
or week or so, to do with the Ansett takeover.
PM Forgive me, for saying this is one question I don't
want to answer. The first reason is that it was an
action taken by Sir Henry Bolte himself at a time whe~ n
I had stated what the attitude of the Government was,
and it was a clear one. I would not have permitted
Ansett to be taken over or to be controlled by any foreign
interests.. Secondly I would have ensured that our own
securities over the assets of Ansett, the money we'd
lent them, would be protected. And thirdly, I thought
it right that market forces should operate because they
were two Australian corporations acting under Australian
management, and very largely under Australian ownership.
But, this has happened. I don't want to become involved
in these circumstances with Sir Henry Bolte.
Q In to the general principle would it mean that
Australia would eventually have to have, again, tighter
controls on foreign investments and foreign ownership in
this country.
PM I have said a few moments ago that we have already / 9
initiated two sets of enquiries one related to private
capital movements and I stated in my statement that I
made yesterday, that that could lead to greater control
or greater regulation of private capital inflow into
Australia so consequently, we've got to consider this
question of whether we'll have and in what way and to
what extent we'll permit ownership of Australian assets
by overseas interests.
And the other one relates to the retiiv prcies.
This will involve takeovers by internatinal or overseas
corporations as well as local and domestic ones. So
these are well in my mind. I want the-nfiaximum of Australian
ownership. I want the maximum of Australian control.
I want Australians to participate in management and this
is a goal we've set and this is a goal we'll be looking
to achieve when we get these reports. But we'll do it
on a basis of knowing the facts knowing where Australia's
best interests lie. Because we are not going to do anything
foolish that is going to work agianst your interests,
or the interests of average Australians. We are not going
to work against the interest of full employment, rapid
growth and a better standard of living amld better educat;. c-n.
These are the tests that we'll face and these are the questions
that we'll have to answer.
Q ( Inaudible)
PM Of course I've regretted it. But, of course, part
of it had to be expected because of the fall-off there
had been in international trade. I regret I'm not fully
briefed on this question, but I do know that my Minister
for W~ atiocnal ! Development was -,--illing to live all the
assistance that he was able to give.
Q The elections, Prime Minister is there anything
you could indicate that will show how your Party will
tackle the election? in the next few months
PM No, there isn't because I think you can go too
soon, just like a horse that jumps over the barrier
before the barriers have gone up, and is apt to get
his mouth caught in the strands. I believe, certainly,
that the Labor Party has gone off twice already
and what more it's got to say, I don't know, and I
believe people are rapidly losing confidence in them.
So let them go on this way. The more they do it, the
happier I'll be. What we are doing is acting. We will
keep on acting When we make our decisions we will let
the Australian people know what they are. And then when
we feel the time is right to start animouncing policy for
an election, we'll do so. But I can assure you of this.
We won't hold any of decisions pending a policy speech.
We'll make them as and when we make them.
Q Could I ask whether Mr Chipp's call for a multiracial
society in 1980 is at all reconcilable with
the stipulation for true precautions on the volume and
type of migration
~~ bs
PM THis is our policy, as I have stated it in the
statement. And it is the one that will be applied
by my Government. Mr Chipp has stated that he agrees
with that wholeheartedly and I know he does.
Q Sir, have you given any consideration at this
to the export of natural gas, from the North West
PM I haven't come into this question of the export
of natural gas. I've looked at it on a very broad
plane. I've looked at the proposals associated with
the production and export of natural gac;, but I can't
explain it so far as it applies in a specific way to
Western Australia.
Q Mr McMahon have you set a date for the election
yet
PM No, no.
On the way over, just before I cam here, I thought
I'd get a question on Garden Island. And I asked my
colleague, the Mini*, ster for the Navy, whether we could
have some good news for you about what we could do.
Q Prime Minister, Garden 7S land has been much in the
minds of West Australians over the past few years. How
much land will people be allowed to enter when the
Naval Base is completed Can you tell us if anything
more has been decided
PM WEll, I've personally taken a very deep interest
in Garden Island because I knew that the local people here,
or a large number of them, particularly the yachting
experts, wanted to have continued access to Garden
Island. So I cave instructions to the Navy that they
ought to begin to be as generous as they possibly could.
We had the Commonwealth Public Works Committee examining
-the problem, and they will shortly be submitting a
report to us. And I also got the Minister for the Navy
himself who became directly involved, and we have
decided in the last few days, without actually moving
to a final decision to increase the size of the coastline
that could be used, from seven to ten miles out of the
total fourteen miles. And we've also decided to increase
the acreage that could be used by civilians under the
control of the Navy from 1,250 acres to 1,800 acres.
In other words, we've taken another step forward
and I believe this will meet with a great deal of
satisfaction from the people of Perth.
Q On the general question of defence, and in relation
particularly to Western Australia, we've seen the
planning for Learmonth, the air base, and now the
planning for H. M. A. S. Stirling at Garden Island. Has
there been any advance on the pos 3ibility of an Army
Base in Western Australia
c4 -7
PM As well as the two points you've mentioned, we
do, of course, carry out maritime surveillance f4 e4*
Western Austral~ ia, and we also have exercises, and
have recently had one exercise with the United Kingdom
Government fleet, part of the United Kingdom Government
fleet, in Western Australian waters.
As to establishing an Army Base here, the
decision has not yet been made. But what I can say
is that we have not ruled out establishing an Army
Base in Western Austra'!. ia
Q ( Inaudible)
PM Mr Chipp referred to a multi-racial society.
You are referring to a more homogeneous society; is
there
PM Essentially homogeneous society with the
emphasis on homogeneous, and Mr Chipp falls in with
that policy omple_ E6ly. He has no difference of
opinion , cth me nor with the Government.
Q Do you envisage any increase in the number of
non-European migrants in this country
PM No, but I'm looking at policy now and not at
the details of that policy. If you wanted to ask me
if there was any contemplated increase relating to
the 1973 year, it's too early to make any forecast
at the moment, but I don't anticipate any.
Q Do you think there's any racism in Australia
PM I don't think there is and I've made in abundantly
clear that I DON'T like racism. And I do believe
in having a-homogeneous society, and I don't believe
in introducing elements that can cause us problems in
the future. So let me answer it in two ways.
One, I believe, and Australians I beltc;:,-e
go along with me; we want one nation and one people.
So we want people who can integrate, and fairly
quickly. Two, it couldn't be racist because we do allow
u * p to 9,000 non-Europeans, or people of partial non-
European descent. If you have a policy like that, you
couldn't be racist. But we are selective. We don't
want to create little enclaves.
Q Well why do you think there was such a furore
over Mr Chipp's statement
PM I'm not going to answer why there was such a
furore. I'm telling you what our policy is, and I've
explained it twice already today.
Q You were reported at being angry at Mr Chipp's
statement originally ./ 12
12
P14 Well, I'm not going to answer to wha. t people
think I am without asking me. Nobody asked me
whether I was annoyed or not.
Q Is it true that non-European migrants do not
get the same treatment as European or white migrants
to this country for example in such things as hostels
PM I am not the Minister for Migration, but what I
can say is that of course in terms of assisted migration,
we only give assisted passages to those we need and those
we want. So that we have to be very selective about it.
If we feel we don't have a real need-for them, we don't
provide assisted passages.
Q So you don't give assisted passages to non-
Europeans
PM No.
Q Do you contemplate doing this at all
PM No.
Q Mr Snedden, the Treasurer, today made mention
of the national policy on foreign investment and made
references to tile Victorian thing Do you intend
to take action against the Victorian Government's
attitude towards the takeover bids Ne,
PM My only answer to this I personally, and my
Government, never act hastily when we don't know what
the consequences are likely to be. In Government, where
it affects the long-term interests of the Australian
people, we don't make hasty judgments. So, I've stated
and Mr Snedden with confirm this, we are both of a
single mincq, that what we have done is to ask the
Treasury to prepare papers relating to overseas capital
inflow into this country. And that will involve the
capacity of overseas concerns to take over or to control
Australian corporations.
Q Is there any intention.........
PM So that paper will ) 5e coming up before us. At
the same time we will be considering papers on
restricted practices and that will involve the same
conditions. In other words we will give very thorough
consideration to the problem of the ownership or control
of Australian industries. Ourattitude is a clear one.
We want maximum Australian ownership. We want, equall~ y
importantly, Australian management. We want Australian
technocrats to be able to join in and assure the
development of this country. And above all, we want
to do all these things in the interests of Australia.
We want a growing economy, we want full employment, and
we want policies that will ensure that the Australian
people are entitled to and will in fact, increase their
standards of living. That's our poli-* cy, and whatever
we do, it will be directed toward achieving those
objectives. / 13
13
Q Do you approve of the Victorian Government's moves
to control the takeover bid by I. T. T. and T. N. T.
PM That is an exceptional case. I stated our policy
quite clearly, and it &-as this. WE would not have
permitted overseas corporations to have taken over or
to obtain control of Ansett. We would not have permitted
it. We would have protected our own securities. Now
Sir Henry has intervened as he has a legal right to do,
and a constitutional right, and for the moment, I have
not come to any final conclusion about it so I can say
no more.
pp ' q
A Segment from Prime Minister's Press Conference, BUNBURY. W. A.
6 MAY 1972
Q Could we just have confirmation In a Conference today
one of the motions that was passed was that the Commonwealth
Development Bank, the Rural Reconstruction Scheme, and the
Marginal Dairy Farmers Scheme be controlled by one existing
body and to delete all others
PM I have long thought that we needed to consider the
desirability of having a national rural bank that would
cover a wide area of operation. And this proposal, this
idea is being examined very very carefully, by the
Treasury OFFICIALS and they will look at it in the widest
context. I can't go any further than to say that I like
the idea. I do not know whether or not it is administratively
sound, but at least we are investigating it.
The only other comment I can make about this is that
frankly we have so many matters that we have to give
consideration to these days, more than I've ever known
in the whole time I've been in political life, that when
we'll get around to making a decision on this matter is
in the lap of the Gods. But I'll do my best to see that
it's pursued, and that we try and get a decision on it
as quickly as we can.