AUS! HALIA
PRIME MINISTER 12 JUNE 19711
Press Statement No. 266
SCREENING OF FOREIGN INVESTMENT PROPOSALS
In his 29 April Policy Speech the Prime Minister said
that the Government would proceed with the further definition
of guidelines for foreign investment in Australia and would
extend the present systems of surveillance into a general
screening process under the co-ordination of the Treasurer.
Mr Whitlam today announced the establishment of new
machinery as part of the development of more extensive
systems of surveillance by the Government of foreign investment
in Australia. A new interdepartmental committee is to be estalished
to examine and provide advice on foreign investment proposals.
which come under notice through the exchange control mechanism
and do not involve the takeover of Australian businesses.
The new committee will report to the Treasurer and
will comprise representatives of the Treasury, the Department of
the Prime Minister and Cabinet, the Department of Overseas Trade,
the Department of Minerals and Energy, the Department Manufacturing
Industry and the Reserve Bank. Representatives of other
departments will be co-opted to the committee as appropriate in
the examination of particular proposals.
The new committee will thus parallel and complement
the existing Committee on Foreign Takeovers. Like that committee,
its functions will be purely advisory.
The establishment of the new committee will not affect
the existing procedures under which applications for exchange
control approval for individual foreign investment proposals
are processed through the Reserve Bank.
Mr Whitlam added that, in addition to~ reporting on
foreign investment proposals arising through the exchange control
mechanism, the new committee will be asked to bring forward, for
the Government's consideration, detailed proposals for the
screening of foreign investment activities which do not involve
exchange control approvals for example, investment proposals
which would be financed by foreign interests from funds available
to them from Australian sources.
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" For the AAA to urge greater spending on rbads
demonstrates that it is living in the past.
" All the beautiful-looking freeways in the world won't
stop cities from finally choking in atmospheric pollution and
' seizing' in the streets from vehicle congestion. Sydney and
Melbourne have been recording heavier-than-ever atmospheric
pollution figures recently and fast, comfortable and economical
public transport is the only alternative to the disaster that
befell Los Angeles.
" There. the building of more and more freeways simply
encouraged greater use of cars until the point was reached where
Los Angeles achieved doubtful fame for the size and density of
its smog problem which brought with it respiratory and other
complaints on a large scale.
" Now, the city is turning away from the freeway, and
the automobile, and reverting to urban public transport. In
this it is doing what most major cities Of the world had done
already. " Simply pouring out money for roads is outdated. if
we had unlimited funds for them we would be pointing our cities
down the same road to disaster as Los Angeles." Mr Jones added.
CANBERRA 12 JUNE 1974
AUSTRALIAN GOVERNMENT
Second Whitlam Ministr'y
1. Prime Minister
2. Deputy Prime Minister and
Minister for Overseas Trade
3. Minister for Minerals and
Energy
4. Minister for Social Security
Leader of the Government in
the Senate, Attorney-General
and Minister for Customs and
Excise
6. Minister for Foreign Affairs
7. Treasurer
8. Minister for Services and
Property and Leader of the
House
9. Minister for the Media and
Manager of Government
Business in the Senate
Minister for Defence
11. Minister for Agriculture
12. Minister for Northern
Development and Minister
for the Northern Territory
13. Minister for Labor and
Immigration
14. Minister for Education
Special Minister of State
and Minister Assisting the
Prime Minister in Matters
Relating to the Public
Service
16. Minister for Repatriation
and Compensation
17. Minister for Urban and
Regional Development
18. Postmaster-General
19. Minister for Housing and
Construction THE HON. E. G. WHITLAM, M. P.
THE HON. JIM CAIRNS, M. P.
THE HON. R. F. X. CONNOR, M. Pb
THE HON. BILL HAYDEN, M. P.
SENATOR THE HON. LIONEl MURPHY, Q. C.
SENATOR THE HON. DCN WILLESEE
THE HON. FRANK CREAN, M. P.
THE HON. F. M. DALY, M. P.
SENATOR THE HON. DOUGLAS McCLELLAND
THE HON. L. H. BARNARD, M. P.
SENATOR THE HON. K. S. WRIEDT
THE HON. REX PATTERSON, M. P.
THE HON. CLYDE R. CAMERON, M. P.
THE HON. KIM E. BEAZLEY, M. P.
THE HON. LIONEL F. BOWEN, M. P.
SENATOR TIlE HON. J. M. WHEELDON
THE HON. TOM UREN, M. P.
SENATOR THE HON. R. BISHOP
THE HON. LES JOHNSON, M. P.
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Minister for Transport
21. Minister for Health
22. Minister for Manufacturing
Industry
23. Minister for the Capital
Territory
24. Minister for the Environment
and Conservation
Minister for Aboriginal
Affairs
26. Minister for Science,
Minister Assisting the
Minister for Foreign Affairs
in Matters Relating to
Papua New Guinea and Minister
Assisting the Minister for
Defence
27. Minister for Tourism and
Recreation and Vice-President
of the Executive Council. THE HON. C. K. JONES, M. P.
THE HON. D. N. EVERINGHAM, M. P.
THE HON. KEP ENDERBY, M. P.
THE HON. GORDON BRYANT, M. P.
THE HON. MOSS CASS, M. P.
SENATOR THE HON. J. L. CAVANAGH
THE HON. W. L. MORRISON, M. P.
THE HON. F. E. STEWART, M. P.
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