EMBARGO: 8.30PM FRIDAY 12 JULY 1974
SPEECH BY THE PRIME MINISTER,
THE HON. E. G. WHITLAM, M. P,,
TO THE AUSTRALASIAN INSTITUTE OF MINING AND METALLURGYI
HOMESTEAD HOTEL, BRISBANE, 12 JULY 1974
THE OBJECTS OF YOUR INSTITUTE WERE DEFINED
IN THESE TERMS 81 YEARS AGO:
" TO PROMOTE THE ARTS AND SCIENCES
CONNECTED WITH THE ECONOMICAL PRODUCTION
OF THE USEFUL MINERALS AND METALS, AND
THE WELFARE OF THOSE IN THESE INDUSTRIES,
BY MEANS OF MEETINGS FOR SOCIAL INTERCOURSE,
AND THE READING AND DISCUSSION OF
PROFESSIONAL PAPERS, AND TO CIRCULATE BY
MEANS OF PUBLICATIONS AMONGST ITS MEMBERS
AND ASSOCIATES, THE INFORMATION THUS
OBTAINED."
-2-
IT IS TO THAT SPIRIT OF PROFESSIONAL
DETACHMENT, OF SCHOLARLY CONCERN, THAT I HOPE TO
APPEAL IN ADDRESSING YOU TONIGHT, I TRUST THAT
YOUR PROFESSIONAL TRAINING AND GOOD JUDGEMENT
WILL LEAD YOU TO THE SAME CONCLUSIONS, THE SAME
CONSIDERATIONS OF NATIONAL INTEREST, THAT HAVE
GUIDED THE GOVERNMENT IN FRAMING ITS POLICIES
TOWARDS OUR GREAT MINING INDUSTRIES, I KNOW
THAT MEN SUCH AS YOU, MEN WHOSE SKILLS AND LEARNING
AND DEDICATION HAVE HELPED CREATE THESE INDUSTRIES
AND LEAD THEM TO PROSPERITY, WILL WANT TO SEE
THEM PRESERVED AND STRENGTHENED AND KEPT AS FAR
AS POSSIBLE IN AUSTRALIAN HANDS, I BELIEVE YOU
HAVE AS GREAT AN INTEREST AS I DO IN FOSTERING
THE DEVELOPMENT OF THESE INDUSTRIES, I BELIEVE
YOU WILL ACKNOWLEDGE THE URGENT ENVIRONMENTAL
PROBLEMS CREATED BY MINING IN A WORLD WHOSE
RESOURCES ARE FINITE, I BELIEVE YOU WILL RECOGNISE
THAT THE CLAIMS OF OUR ABORIGINAL PEOPLE FOR LAND
RIGHTS AFFECT ALL AUSTRALIANS, BUT HAVE A SPECIAL
RELEVANCE TO THE MINING INDUSTRY, I BELIEVE, TOO,
THAT AS CONCERNED PROFESSIONAL MEN, YOU WILL
ACKNOWLEDGE THE DUTY OF MODERN GOVERNMENTS TO
HUSBAND NATIONAL RESOURCES AND ENSURE THAT OUR
MINERALS ARE SOLD AT FAIR PRICES ON WORLD MARKETS,
-3-
SOON AFTER WE CAME TO OFFICE LAST YEAR,
THE GOVERNMENT RESOLVED TO EXERCISE ITS
CONSTITUTIONAL RESPONSIBILITIES FOR THE EXPORT
OF OUR RAW AND SEMI-PROCESSED MINERALS.
WE DID THIS TO ACHIEVE A REASONABLE LEVEL
OF EXPORT PRICES AND A BALANCED DEVELOPMENT
OF AUSTRALIAN MINERAL RESOURCES. OUR POLICIES
ASSERT THE AUTHORITY AND RESPONSIBILITY OF THE
NATIONAL GOVERNMENT IN THE DEVELOPMENT AND
MARKETING OF AUSTRALIA'S MINERALS. WE ARE
TAKING THIS COURSE, NOT IN ANY DOCTRINAIRE
SPIRIT, BUT FROM A RECOGNITION OF THE PRACTICAL
AND INESCAPABLE REALITIES OF WORLD TRADE.
THE EXPLOITATION AND MARKETING OF MINERAL
RESOURCES IS NOT MERELY A NATIONAL CONCERN, BUT AN
INTERNATIONAL CONCERN. IT IS CERTAINLY MORE THAN A
STATE CONCERN. MANY OF THE CORPORATIONS WITH WHICH
WE ALL HAVE TO DEAL HAVE BUDGETS SEVERAL TIMES THAT
OF THE STATE OF QUEENSLAND. THE ONLY GOVERNMENT IN
AUSTRALIA THAT CAN DEAL WITH THESE LARGE CORPORATIONS
IS THE NATIONAL GOVERNMENT. THE ONLY GOVERNMENT IN
AUSTRALIA WITH INTERNATIONAL STANDING AND RECOGNITION
IS THE NATIONAL GOVERNMENT.
-4-
THERE IS NOTHING NOVEL OR SURPRISING ABOUT
THIS, THE AUSTRALIAN CONSTITUTION PROVIDES, AS THE
VERY FIRST OF THE POWERS GRANTED TO THE AUSTRALIAN
PARLIAMENT UNDER SECTION 51, THE POWER TO MAKE
LAWS ON " TRADE AND COMMERCE WITH OTHER COUNTRIES."
IN VIEW OF THAT, IT IS AN ODD ARGUMENT INDEED TO
SAY THAT WE ARE INTERFERING IN THE RIGHTS OF THE
STATES IN ASSERTING OUR RESPONSIBILITY IN THIS WAY,
IT IS TRUE THAT OUR PREDECESSORS IN GENERAL KEPT
OUT OF THIS FIELD, No DOUBT THEY FELT THEY HAD
GOOD REASONS FOR DOING SO, I SIMPLY ASK YOU TO
ACCEPT THAT OUR ASSERTION OF THE NATIONAL
GOVERNMENT'S RESPONSIBILITY IN WHAT WE BELIEVE
IS THE NATIONAL INTEREST IS FULLY IN ACCORDANCE
WITH THE LETTER AND SPIRIT OF THE CONSTITUTION.
IF IT WERE NOT, I HAVE NO DOUBT THAT OUR APPROACH
WOULD BE CHALLENGED IN THE HIGH COURT, IT HAS NOT
BEEN CHALLENGED: AND I REJECT THE SUGGESTION THAT
BECAUSE WE HAVE ASSERTED THE NATION'S CONCERN AND
RESPONSIBILITY IN THIS CRUCIALLY IMPORTANT AREA,
WE ARE INTRUDING IN STATE AFFAIRS, nNE MAY ASK:
ARE WE " INTRUDING" IN ENVIRONMENTAL PROTECTION,
IN THE CARE OF THE NATIONAL ESTATE, IN* THE ARTS,
IN NATIONAL COMPENSATION, IN EDUCATION, IN CHILD
CARE, MERELY BECAUSE WE ARE DOING WHAT OUR
PREDECESSORS NEGLECTED TO DO?
DESPITE MUCH FOREBODING WHEN OUR POLICIES
WERE INTRODUCED, THEIR ADVANTAGES HAVE BEEN AMPLY
DEMONSTRATED, THE INTRODUCTION OF CONTROLS HAS
GIVEN THE AUSTRALIAN GOVERNMENT A MUCH BETTER
KNOWLEDGE OF THE MINERAL INDUSTRY, ITS OVERSEAS
TRADE AND THE TERMS OF ITS CONTRACTS, WHILST
CONFIDENTIALITY HAS BEEN SCRUPULOUSLY OBSERVED,
IT HAS NEVERTHELESS BEEN POSSIBLE FOR THE
AUSTRALIAN GOVERNMENT AND THE DEPARTMENT OF
MINERALS AND ENERGY TO GIVE MATERIAL ASSISTANCE
AND ADVICE ON WORLD PRICING TRENDS AND TO
CO-ORDINATE THE EXPORT ACTIVITIES OF AUSTRALIANMINING
COMPANIES ON A NATIONAL BASIS, THUS WE HAVE
STRENGTHENED THE NEGOTIATING AND BARGAINING POWER OF
OUR EXPORTERS, WE ARE ABLE TO ENSURE THAT OUR
RESOURCES ARE SOLD OVERSEAS AT WORLD MARKET PARITY
PRICES, No LONGER CAN OUR CUSTOMERS PLAY THE GAME
OF DIVIDE AND RULE TO EXTRACT LOWER PRICES FROM OUR
COMPANIES AND CONCESSIONS FROM STATE GOVERNMENTS,
THE AUSTRALIAN GOVERNMENT'S APPROACH HAS BEEN
ONE OF FIRM BUT FAIR DEALING IN THE INTERESTS OF BOTH
AUSTRALIA AND OUR TRADING PARTNERS, AND I BELIEVE
OUR ACTIONS HAVE ALREADY HELPED YOU TO OBTAIN SIGNIFICANT
INCREASES IN THE PRICE OF OUR IRON ORE AND COAL EXPORTS
AN EXTRA $ 67 MILLION A YEAR TO DATE IN INCOME FROM IRON ORE
AND AN EXTRA $ 210 MILLION OVfR TWELVE MONTHS IN EXPORT INCOME
FROM COAL, IN THIS WAY ALL AUSTRALIANS ARE BENEFITING
FROM THE CONCENTRATION OF OUR BARGAINING POWER,
-6-
MY COLLEAGUE, THE MINISTER FOR MINERALS
AND ENERGY, HAS ALREADY SAID THAT THE GOVERNMENT'S
EXPORT CONTROL POWERS WILL NOT BE EMPLOYED
CAPRICIOUSLY OR VEXATIOUSLY. THIS IS A UNANIMOUS
ATTITUDE AMONG MEMBERS OF THE CABINET, WE HAVE
ASSURED OUR TRADING PARTNERS, ESPECIALLY JAPAN,
THAT WE ARE SEEKING NO MORE THAN A FAIR PRICE
IN OUR MINERAL CONTRACTS WITH THEM, IT WOULD
BE UNREAL TO SEEK PRICES HIGHER THAN THE MARKET
WILL BEAR WHEN ALTERNATIVE SOURCES OF SUPPLY
ARE USUALLY AVAILABLE, WE HAVE TAKEN EVERY
OPPORTUNITY TO EXPLAIN OUR POLICIES TO OUR
TRADING PARTNERS IN BILATERAL CONSULTATIONS AND
IN INTERNATIONAL ORGANISATIONS CONCERNED WITH
MINERALS TRADE, CLEARLY, AGAIN, THIS IS A TASK
ONLY A NATIONAL GOVERNMENT CAN PERFORM,
-7-
I HAVE EMPHASISED THE NEED FOR FAIR RETURNS
FROM THE SALE OF OUR MINERALS. ONE STATE THAT HAS
NOT HAD FAIR RETURNS IS QUEENSLAND A STATE WHERE
MINING HAS A LONG AND PROUD HISTORY GOING BACK TO
THE DISCOVERY OF COAL AT IPSWICH IN 1827. I AM
PLEASED TO LEARN THAT THE OUEENSLAND GOVERNMENT
HAS AT LAST TAKEN STEPS TO INCREASE THE SCALE OF
ITS ROYALTY RECEIPTS. I HAVE NO DOUBT THAT THE
ACTIONS OF THE AUSTRALIAN GOVERNMENT OVER THE LAST
18 MONTHS HAVE CREATED A SITUATION WHERE IT HAS NOT
ONLY BEEN POSSIBLE BUT CONSPICIOUSLY IMPERATIVE FOR
THE QUEENSLAND GOVERNMENT TO DO SO.
EVEN BEFORE THE PRESENT AUSTRALIAN GOVERNMENT
CAME TO OFFICE, nUEENSLAND'S SCALE OF ROYALTY RECEIPTS
WAS, IN RELATION TO THE VALUE OF ITS MINING OUTPUT,
THE LOWEST AMONG ALL THE IMPORTANT MINERAL-PRODUCING
STATES. AT THE SAME TIME, THE OUEENSLAND MINERALS
INDUSTRY AS A WHOLE HAS AN EXCEPTIONALLY HIGH DEGREE
OF FOREIGN OWNERSHIP, PARTICULARLY IN THE DEPOSITS OF
WEIPA BAUXITE AND CENTRAL QUEENSLAND COAL, AND THE
EXPORT PRICES OBTAINED FOR QUEENSLAND COAL WERE
GENERALLY MUCH LOWER THAN THE RULING INTERNATIONAL
LEVELS FOR SHIPMENTS OF COKING COAL OF SUCH QUALITY.
IF I MAY SAY SO WITHOUT BOASTING, IT IS IN PART DUE
TO MY GOVERNMENT'S POLICIES THAT YOUR RETURNS ARE
BEING RAISED.
-8-
SOON AFTER TAKING OFFICE, THE AUSTRALIAN GOVERNMENT
SOUGHT NEGOTIATIONS WHICH HAVE ENABLED YOUR COAL
PRODUCERS TO OBTAIN VERY MARKED INCREASES IN THEIR
EXPORT SELLING PRICES, IN TURN, THE WIDENING
DISPARITY BETWEEN THE VALUES OF YOUR MINERAL
PRODUCTION AND THE FLAT-RATE ROYALTY RETURNS TO
THE OUEENSLAND GOVERNMENT HAS PROMPTED SIR GORDON CHALK
TO BEGIN NEGOTIATIONS WHICH WOULD INCREASE THE
ROYALTY RECEIPTS. SIR GORDON HAS A VERY STRONG CASE,
THIS IS AN EXAMPLE OF HOW THE EFFECTIVE PURSUIT
OF NATIONAL POLICIES BY THE NATIONAL GOVERNMENT
CAN BRING DIRECT BENEFITS TO THE REVENUES OF A STATE,
I HOPE THIS CO-OPERATIVE PROCESS CAN BE CONTINUED,
YOU WILL PERCEIVE TWO CONSTANT THEMES IN
OUR MINERAL AND MINING POLICIES THE PRESERVATION
OF AUSTRALIAN OWNERSHIP AND THE MAXIMISING OF
BENEFITS TO THE AUSTRALIAN PEOPLE FROM THE SALE OF
OUR NATURAL RESOURCES, THE SECOND OF THESE WAS THE
MAIN THEME OF MR. T. M. FITZGERALD'S CELEBRATED PAPER
ON THE MINING INDUSTRY, HE POINTED OUT THAT LACK OF
CO-OPERATION BETWEEN STATE GOVERNMENTS AND THE
AUSTRALIAN GOVERNMENT IN POLICIES FOR MINERAL
DEVELOPMENT HAD DEPRIVED THE AUSTRALIAN PEOPLE OF
BENEFITS THEY HAVE A RIGHT TO DEMAND,
CONTRARY TO THE OPINION GENERALLY HELD UNTIL RECENTLY,
THE AUSTRALIAN GOVERNMENT HAS BEEN PROVIDING VERY
LARGE TAXATION CONCESSIONS FOR MINERAL ENTERPRISES,
NOT ONLY FOR THEIR INITIAL ESTABLISHMENT BUT ALSO
FOR THEIR LATER EXPANSION, CONTRARY TO ANOTHER
IMPRESSION, THE MAJOR PART OF THE TAX CONCESSIONS
CANNOT BE REGARDED MERELY AS TEMPORARY CREDITS,
I DO NOT WANT TO RECOUNT IN DETAIL THE
SUBSTANCE OF THE FITZGERALD REPORT, YOU WILL ALL
BE FAMILIAR WITH IT, I DO NOT BELIEVE THAT ITS
PRINCIPAL CONCLUSIONS HAVE BEEN REBUTTED, LET ME
JUST EMPHASISE THAT THE REPORT DOES NOT CONDEMN
TAX CONCESSIONS IN THEMSELVES, WHAT IT DOES SHOW
IS THAT THE AUSTRALIAN PEOPLE, THROUGH THE INCOME-TAX
SYSTEM, ARE IN EFFECT SUBSTANTIAL CONTRIBUTORS OF FUNDS
TO THE CAPITAL EXPENDITURES OF EXPANDING MINERAL
ENTERPRISES, WHEN YOU REMEMBER THAT THE ULTIMATE SOURCE
OF THE MINING COMPANIES' PROFITS -OUR SUPERB NATURAL
RESOURCES OF IRON ORE, COAL, BAUXITE, NICKEL AND OTHER
MINERALS ARE PUBLIC ASSETS, AND EXHAUSTIBLE PUBLIC
ASSETS, YOU MUST CONCLUDE THAT. THE AUSTRALIAN PEOPLE
DESERVE TO RECEIVE A GOOD AND PROPER SHARE OF THE
INCOME FROM THESE RESOURCES,
10
I REMIND YOU THAT THE WHOLE QUESTION
OF TAX CONCESSIONS AND ROYALTIES FOR YOUR
INDUSTRY HAS BEEN REFERRED BY US TO THE
INDUSTRIES ASSISTANCE COMMISSION. WE HAVE
ASKED THE COMMISSION " TO INQUIRE AND REPORT ON
THE EFFECT OF TAXATION CONCESSIONS AND ROYALTIES
ON THE DEVELOPMENT AND EFFICIENCY OF THE PETROLEUM
AND MINING INDUSTRIES AND TO ADVISE WHETHER AND IN
WHAT WAYS WE SHOULD OFFER ASSISTANCE TO OR IMPOSE
ROYALTIES ON THESE INDUSTRIES."
11
I STRESS THAT THE AUSTRALIAN GOVERNMENT
IS COMMITTED TO THE CONTINUATION OF SIGNIFICANT
CAPITAL INVESTMENT IN MINING. THIS INVESTMENT
SHOULD NOT INVOLVE LOSSES TO THE NATIONAL REVENUE,
NOR SHOULD IT PRIMARILY PROMOTE FOREIGN. PROFITABILITY.
I AM AWARE OF THE BENEFITS THAT THE MINING INDUSTRY
HAS BROUGHT TO OUR NATION AND TO THIS STATE. THE
WHOLE THRUST OF MY ARGUMENT IS THAT ALL AUSTRALIANS,
INCLUDING QUEENSLANDERS, SHOULD HAVE BENEFITED
MORE FROM THIS DEVELOPMENTD GOVERNMENTS HAVE NOT
TAKEN FULL ADVANTAGE OF OUR RESOURCES IN TERMS OF
PROMOTING THE WELFARE OF THE AUSTRALIAN PEOPLE,
MY GOVERNMENT INTENDS TO DO SO IN THE FUTURE.
LET ME SAY A WORD ABOUT THE PROCESSING
OF MINERALS. THE GOVERNMENT'S POLICY IS TO
ENCOURAGE THE TREATMENT AND FABRICATION OF MINERAL
RESOURCES IN AUSTRALIA, AT EVERY STAGE OF PROCESSING
THE VALUE OF THESE RESOURCES IS GREATLY INCREASED.
WE WELCOME THE DECISION OF A GROUP OF INTERNATIONAL
IRON AND STEEL PRODUCERS, HEADED BY BHP., TO
STUDY THE FEASIBILITY OF PRODUCING SEMI-FINISHED
STEEL PRODUCTS IN AUSTRALIA, WE ARE DEEPLY INTERESTED
IN THE POSSIBLE ESTABLISHMENT OF STEELWORKS IN
OUEENSLAND AND IN WESTERN AUSTRALIA SO THAT THE
SHIPMENT OF QUEENSLAND COAL TO WESTERN AUSTRALIA
CAN BE COMPLEMENTED BY THE BACK-LOADING OF WESTERN
AUSTRALIAN IRON ORE TO QUEENSLAND,
12
HERE AGAIN, A QUESTION OF NATIONAL INTEREST
IS RAISED. IF COAL AND IRON ORE ARE TO BE BROUGHT
TOGETHER FOR THIS ADMIRABLE PURPOSE, CLEARLY THIS
CAN BEST BE DONE BY SHIPS OF THE AUSTRALIAN NATIONAL
LINE. INTERSTATE TRADE IS AS MUCH THE PROPER ROLE
AND RESPONSIBILITY OF THE AUSTRALIAN GOVERNMENT AS
INTERNATIONAL AFFAIRS. THE IMPORTANCE OF THE
AUSTRALIAN NATIONAL LINE IN OUR ECONOMIC LIFE IS
WELL KNOWN. IT HAS BEEN RECOGNISED BY EVERY
STATE GOVERNMENT EXCEPT QUEENSLAND. IT IS A
MATTER OF REGRET THAT THE QUEENSLAND GOVERNMENT
HAS REFUSED TO ALLOW THE A. N. L. TO ENGAGE IN
INTRASTATE TRAFFIC EXCEPT ON THE SINGLE ROUTE
BETWEEN GLADSTONE AND WEIPA,
I SHALL DEAL BRIEFLY WITH TWO ASPECTS OF
MINING THAT CURRENTLY EXERCISE THE GOVERNMENT.
HIGH AMONG THE GOVERNMENT'S AMBITIONS IS TO GIVE
NATURAL RIGHTS TO OUR ABORIGINAL PEOPLE, WE ARE
DETERMINED THAT THEIR INTERESTS WILL BE PRESERVED
IN ANY MINING OPERATIONS. MR. JUSTICE E. A. WOODWARD'S
REPORT ON LAND RIGHTS FOR ABORIGINES IN THE NORTHERN
TERRITORY WILL FORM THE BASIS OF OUR APPROACH TO
THIS QUESTION. WHILE THE INTERESTS OF MINING
COMPANIES WILL BE RESPECTED AS FAR AS POSSIBLE,
WE REGARD THIS AS AN ISSUE OF BASIC HUMAN JUSTICE
TRANSCENDING COMMERCIAL CONSIDERATIONS.
13
NEXT, THE ENVIRONMENT, I AM W SURE
NOT
YOU WILLADISPUTE THE VIEW THAT AUSTRALIA MUST
ADOPT A BALANCED NATIONAL APPROACH TO THE
CONSERVATION OF OUR NON-RENEWABLE MINERAL
RESOURCES. IT IS IMPORTANT THAT CONSERVATIONISTS
RECOGNISE THE CONTRIBUTION TO OUR EXPORT EARNINGS
BY THE MINING INDUSTRY, OUR RELIANCE ON MINERALS TO
PROVIDE THE COMFORTS AND CONVENIENCE OF MODERN LIFE,
IT IS EQUALLY IMPORTANT THAT THE MINING INDUSTRY
RECOGNISE THE WIDER COMMUNITY PRIORITIES OF SOME
LAND USE DECISIONS AND PUBLIC CONCERN ABOUT THE
REHABILITATION OR ALTERNATIVE USE OF LAND AFTER
MINING HAS CEASED. IN RECOGNITION OF THIS, THE
GOVERNMENT HAS ENDORSED THE USE OF THE ENVIRONMENTAL
IMPACT STATEMENT PROCEDURE, IT HAS BEEN OPERATING
THIS PROCEDURE ON AN ADMINISTRATIVE BASIS FOR SOME
TIME, LEGISLATION HAS BEEN DRAFTED TO PUT IT ON. A
FIRMER BASIS AND ENSURE THAT ENVIRONMENTAL FACTORS
RECEIVE GREATER CONSIDERATION IN DECISION-MAKING
-THAN HITHERTO. I BELIEVE THE ATTITUDE OF THE
GOVERNMENT TO THE ALWEST BAUXITE MINING PROPOSAL
IN WESTERN AUSTRALIA DEMONSTRATES THE STRENGTH
OF OUR RESOLVE ON THIS ISSUE.
14
I COME NOW TO OUR GREAT INSTRUMENT FOR
EXPANDING AUSTRALIA'S ROLE AS A GREAT MINERAL
PRODUCING NATION, THE PETROLEUM AND MINERALS
AUTHORITY WILL BE ESTABLISHED TO EXPLORE
AND DEVELOP OUR PETROLEUM AND MINERAL RESOURCES
AND TO HELP IMPLEMENT THE GOVERNMENT'S POLICY OF
MAXIMUM AUSTRALIAN OWNERSHIP AND CONTROL OF OUR
NATURAL RESOURCES, THE LEGISLATION IS NOW BEFORE
THE AUSTRALIAN PARLIAMENT FOR THE THIRD TIME,
No AUSTRALIAN GOVERNMENT HAS EVER HAD A CLEARER
MANDATE FOR ITS LEGISLATION,
APART FROM EXPLORATION AND DEVELOPMENT,
THERE IS A DISTINCT NEED FOR THE NATIONAL GOVERNMENT
TO HELP SMALLER AUSTRALIAN MINING VENTURES DEVELOP
THEIR DISCOVERIES WITHOUT SACRIFICING CONTROL OR.
OWNERSHIP TO OVERSEAS INTERESTS, WE HAVE A FURTHER
OBLIGATION TO EXAMINE AND DEVELOP ALL SOURCES OF
ENERGYI INCLUDING SOLAR ENERGYI WHICH COULD CONTRIBUTE
TO OUR NEEDS WHEN MORE CONVENTIONAL SOURCES ARE
NO LONGER AVAILABLE, THE FUNDS OF THE NEW AUTHORITY
WILL PROMOTE THE SEARCH FOR PETROLEUM AND HELP TO
ENSURE THAT FUTURE ON-SHORE MINING DEVELOPMENT IS
AT LEAST PREDOMINANTLY AUSTRALIAN-OWNED AND CONTROLLED,
WE WILL CONSIDER ASSISTANCE TO THE MANY SMALL
COMPANIES AND SYNDICATES WHICH HAVE USED UP THEIR
CAPITAL ON EXPLORATION, AND WHOSE DISCOVERIES COULD
FALL INTO THE HANDS OF FOREIGN COMPANIES BEFORE THEY
CAN BE DEVELOPED AS AUSTRALIAN CONCERNS,
15
I COME NOW TO OUR GREAT INSTRUMENT FOR EXPANDING
AUSTRALIA'S ROLE AS A GREAT MINERAL PRODUCING NATION.
THE PETROLEUM AND MINERALS AUTHORITY WILL BE ESTABLISHED
TO EXPLORE AND DEVELOP OUR PETROLEUM AND MINERAL
RESOURCES AND TO HELP IMPLEMENT THE GOVERNMENT'S POLICY
OF MAXIMUM AUSTRALIAN OWNERSHIP AND CONTROL OF OUR
NATURAL RESOURCES,. THE LEGISLATION IS NOW BEFORE THE
AUSTRALIAN PARLIAMENT FOR THE THIRD TIME, ! O AUSTRALIAN
GOVERNMENT HAS EVER HAD A CLEARER MANDATE FOR ITS
LEGISLATION. APART FROM EXPLORATION AND DEVELOPMENT, THERE IS
A DISTINCT NEED FOR THE NATIONAL GOVERNMENT TO HELP
SMALLER AUSTRALIAN MINING VENTURES DEVELOP THEIR
DISCOVERIES WITHOUT SACRIFICING CONTROL OR OWNERSHIP
TO OVERSEAS INTERESTS, WE HAVE A FURTHER OBLIGATION TO
EXAMINE AND DEVELOP ALL SOURCES OF ENERGY, INCLUDING
SOLAR ENERGY, WHICH COULD CONTRIBUTE TO OUR NEEDS WHEN
MORE CONVENTIONAL SOURCES ARE NO LONGER AVAILABLE,
THE FUNDS OF THE NEW AUTHORITY WILL PROMOTE THE SEARCH
FOR PETROLEUM AND HELP TO ENSURE THAT FUTURE ON-SHORE
MINING DEVELOPMENT IS AT LEAST PREDOMINANTLY AUSTRALIAN-OWNED
AND CONTROLLED, WE WILL CONSIDER ASSISTANCE TO THE MANY
SMALL COMPANIES AND SYNDICATES WHICH HAVE USED UP THEIR
CAPITAL ON EXPLORATION, AND WHOSE DISCOVERIES COULD ONLY
BE DEVELOPED BY SELLING THEIR EQUITY. THE QUESTION IS
NOT WHETHER WE PERMIT OVERSEAS CAPITAL TO DO LESS THE
QUESTION IS WHETHER WE CAN ENSURE THAT AUSTRALIAN CAPITAL
DOES MORE, OUR OBJECTIVE SHOULD BE TO MOBILISE THE
RESOURCES OF OUR PEOPLE, HUMAN AND CAPITAL, AND THE
POWERS OF OUR GOVERNMENTS, BOTH STATE AND FEDERAL,
16
WE ARE THE FIRST AUSTRALIAN GOVERNMENT TO
IDENTIFY THE REAL NATURE OF THE MINERALS AND ENEt* r'
SITUATION IN THIS COUNTRY, VE ARE THE FIRST TO
INSIST THAT OUR RESOURCES MUST BE KEPT IN AUSTRALIAN
HANDS, WE ARE THE FIRST TO INSIST THAT THEIR SALES
MUST BRING US FAIR RETURNS. WE ARE THE FIRST TO INSIST
ON A NATIONAL PROGRAM OF EXPLORATION AND DEVELOPMENT
TO MEET OUR FUTURE NEEDS, WE ARE THE FIRST TO RECOGNISE
THAT THIS IS A NATIONAL TASK, AND THEREFORE A TASK IN
WHICH THE NATIONAL GOVERNMENT MUST ACCEPT ITS FULL
RESPONSIBILITY AND PLAY A LEADING PART IN CO-OPERATION
WITH PRIVATE ENTERPRISE, NOT EVEN THE WORLD'S
GREATEST MAJOR OIL COMPANY COULD ADEQUATELY EXPLORE,
WITH THE REQUIRED INTENSITY OF DRILLING, THE VAST
AREA OF THE NORTH WEST SHELF, WHAT CAN POSSIBLY BE
THE OBJECTION TO AN AUSTRALIAN GOVERNMENT STAKE IN
THE BUSINESS OF EXPLORATION AND EXPLOITATION OF
AUSTRALIA'S OWN RESOURCES? THE UNITED KINGDOM
GOVERNMENT HAS SUCH A STAKE, So DO THE GOVERNMENTS
OF FRANCE, ITALY, NORWAY, CANADA, RAZIL, ARGENTINA,
MEXICO, SOUTH AFRICA, IRAN, IRAQ, INDIA, JAPAN, INDONESIA,
NEW ZEALAND AND THE PHILIPPINES, IT IS TIME TO END FUTILE
BICKERING BETWEEN GOVERNMENTS AND-THE PETTY OBSTRUCTIONISM
OF THE STATES, THE REALITIES OFTHE WORLD RESOURCES CRISIS
AND THE IMPORTANCE OF AUSTRALIA AS A MINERAL PRODUCER
ARE TOO URGENT TO IGNORE,
17
I PUT IT TO YOU THAT THE NATIONAL POLICIES WE
HAVE INTRODUCED ARE ESSENTIAL; MORE THAN THAT, THEY
HAVE ALREADY BEEN PROVED SUCCESSFUL. THERE CAN BE
NO TURNING BACK NOW TO THE FREE-WHEELING, HAPHAZARD
POLICIES OF THE PAST, NO ONE DISPUTES THE FACT THAT IN
A SHORT TIME THE INDUSTRY YOU REPRESENT HAS HELPED
TRANSFORM OUR NATION, k IS DUE IN LARGE MEASURE TO
THE VISION AND ENTERPRISE OF THE MEN IN THIS ROOM
TONIGHT, WE SALUTE YOU FOR THAT; WITH YOUR HELP
WE WANT TO MOVE FORWARD TO GREATER PROGRESS AND
ACHIEVEMENT. IN THAT AMBITION I LOOK CONFIDENTLY
TO THE CO-OPERATION AND SUPPORT OF THIS GREAT
INSTITUTE, WHOSE TOAST I NOW PROPOSE.