QUEENSLAND BROADCAST NO. 2
RESOURCES
RECORDED BY THE PRIME MINISTER FOR BROADCAST 30 MARCH 1975
ONE OF THE GREAT THINGS THE LABOR GOVERNMENT
HAS DONE FOR QUEENSLAND IS SECURE FAIR MARKET PRICES
VASTLY HIGHER PRICES FOR HER MINERAL EXPORTS. THIS
IS ESPECIALLY TRUE OF QUEENSLAND' S COAL. OUR POLICIES
HAVE BROUGHT A HUGE INCREASE IN WEALTH AND EXPORT
EARNINGS To AUSTRALIA AND TO THIS STATE IN PARTICULAR.
YOU'LL REMEMBER THAT WHEN LABOR WAS
ELECTED ONE OF THE FIRST THINGS WE DID WAS SET UP A
NEW DEPARTMENT OF MINERALS AND ENERGY. BECAUSE OF THE
IMPORTANCE OF AUSTRALIA'S MINERAL RESOURCES WE WANTED
A STRONG DEPARTMENT, WITH A STRONG MINISTER, TO LOOK
AFTER THE EXPLORATION, DEVELOPMENTo PROCESSING AND SALE
OF OUR RESOURCES IN COOPERATION WITH PRIVATE ENTERPRISES
WE WERE DETERMINED THAT OUR MINERALS WOULD BE DEVELOPED
IN A WAY THAT WOULD BRING MAXIMUM BENEFITS TO THE
AUSTRALIAN PEOPLE, ,1/ 2
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THINGS WERE IN A PROPER MESS WHEN WE
CAME IN. THERE WAS NO NATIONAL POLICY FOR OUR MINERAL
AND ENERGY RESOURCES. MORE AND MORE OF THEM WERE
FALLING INTO OVERSEAS HANDS. AFTER YEARS OF LIBERAL
COUNTRY PARTY RULE, 62% OF OUR ENERGY RESOURCES
WERE CONTROLLED BY FOREIGN COMPANIES, THE PREVIOUS
GOVERNMENT HAD ALLOWED THE MINING INDUSTRY TO WRITE
LONG-TERM CONTRACTS AND DETERMINE PRICES FOR OUR
EXPORTS WITHOUT REGARD FOR THE NATIONAL INTEREST,
THE RESULT WAS THAT EXPORTING COMPANIES WERE FIGHTING
EACH OTHER, CUTTING PRICES FOR THE SALE OF OUR MINERALS
AND REDUCING THE RETURNS TO AUSTRALIA, ONE OF THE
SILLIEST ASPECTS OF THE ' ANYTHING GOES' APPROACH
WAS COMPETITION BETWEEN THE STATES. QUEENSLAND WAS
ONE OF THE PRINCIPAL LOSERS IN THIS FREE-FOR-ALL.
OUR NEW DEPARTMENT, HEADED BY MY
COLLEAGUE, REX CONNOR, PUT AN END TO ALL THIS, WITHIN
WEEKS OF COMING TO OFFICE WE DECIDED THAT THE NATIONAL
GOVERNMENT SHOULD HAVE FULL AUTHORITY OVER THE EXPORT OF
OUR MINERAL RESOURCES. WE DECIDED IT WAS TIME TO
HALT THE DRIFT OF OUR INDUSTRIES INTO OVERSEAS HANDS.
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YOU HEAR A LOT OF CRITICISM OF REX
CONNOR AND HIS DEPARTMENT, BUT THE FACTS AND FIGURES
PROVE JUST HOW SUCCESSFUL OUR POLICIES HAVE BEEN.
THE FUTURE OF QUEENSLAND's COAL INDUSTRY HAS NEVER
LOOKED BRIGHTER, EXPORTS ARE AT A RECORD LEVEL, BOTH IN
VOLUME AND PRICES IN QUEENSLAND, WHERE THE COAL INDUSTRY
is 85% FOREIGN OWNED, INTERVENTION BY THE AUSTRALIAN
GOVERNMENT IN NEGOTIATIONS HAS RESULTED IN SUBSTANTIAL
PRICE INCREASES, ThE TOTAL VALUE OF INCREASES NEGOTIATED
BETWEEN THE BEGINNING OF 1973 AND THE END OF SEPTEMBER
LAST YEAR WAS MORE THAN $ 1,364 MILLION OVER THE FULL
DELIVERY TERMS OF ALL QUEENSLAND COAL EXPORT CONTRACTS.
THE VALUE OF THE INCREASES ACTUALLY RECEIVED IN THE SAME
PERIOD WAS IN THE ORDER OF $ 67 MILLION. AUSTRALIAN
COAL EXPORTS TO ALL MARKETS ARE ESTIMATED TO BE ABOUT
$ 1100 MILLION FOR THIS-YEAR, 1975. THAT IS AN INCREASE
OF ABOUT $ 476 MILLION OVER LAST YEAR. IN THE CASE OF
IRON ORE, THE TOTAL VALUE OF AUSTRALIAN EXPORTS TO ALL
MARKETS THIS YEAR IS LIKELY TO EXCEED $ 800 MILLIONS
THAT'S MORE THAN DOUBLE THE EXPORT EARNINGS IN 1972,
THE LAST YEAR THE LIBERAL-COUNTRY PARTY GOVERNMENT WAS
IN OFFICE. o. a/ 4
OF %-COUISE THAT' S NOT ALL WE'VE DONE IN THE
MINERALS AND ENERGY FIELD. WE HAD A GREAT BATTLE
IN PARLIAMENT TO GET OUR LEGISLATION THROUGH FOR A
PETROLEUM AND MINERALS AUTHORITY. LIKE THE MEDIBANK
BILLS, IT HAD TO BE PASSED AT THE JOINT SITTING
OF BOTH HOUSES LAST YEAR, AND LIKE MEDIBANKo PEOPLE
ARE NOW SEEING JUST HOW VALUABLE AND NECESSARY OUR
PETROLEUM AND MINERALS AUTHORITY IS. ITS AIM IS TO EXPLORE,
DEVELOP, PRODUCE, TRANSPORT, PROCESS AND SELL AUSTRALIAN
PETROLEUM AND MINERALS. AND IT WILL DO SO WHILE
RETAINING MAXIMUM AUSTRALIAN OWNERSHIP OF OUR RESOURCESTHAT'I
S WHAT IT'I S ALL ABOUT. A MAJOR PORTION OF THE
AUTHORITY'S EXPENDITURE OF $ 50 MILLION THIS FINANCIAL YEAR
IS AVAILABLE TO ASSIST AUSTRALIAN MINING VENTURES.
WHEN REX CONNOR WAS WITH ME IN QUEENSLAND LAST YEAR
HE ANNOUNCED THAT THE AUTHORITY HAD TAKEN UP ITS FIRST
EQUITY IN A QUEENSLAND VENTURE MAREEBA MINING. IT
NOW HAS EQUITIES IN' TWO OTHER COMPANIES AS WELL,
WE HAVE MADE A GREAT START IN OUR PLAN FOR
A NATIONAL PIPELINE SYSTEM TO CARRY NATURAL GAS
INTERSTATE. THE NATIONAL PIPELINE WILL MEAN TWO THINGSSTEADY
SUPPLIES OF GAS AND STABLE PRICES, OV/ ER 400
KILOMETRES OF THE PIPELINE HAVE ALREADY BEEN LAID.
WHEN IT'S COMPLETED IT-WILL BE THE BIGGEST ENGINEERING
ACHIEVEMENT IN AUSTRALIA'S HISTORY, AUSTRALIA AT
PRESENT MEETS ONLY 7% OF HER FUEL AND ENERGY NEEDS FROMNATURAL
GAS; COMPARABLE INDUSTRIALISED COUNTRIES USE
22% 1 I
So WHEN OUR GAS RESOURCES ARE BEING FULLY USED
AUSTRALIA WILL BE MUCH LESS DEPENDENT ON IMPORTED
FUEL OIL, AND MILLIONS OF DOLLARS WILL BE CUT
FROM OUR IMPORT VILL,
SIMILARLY, TO DEVELOP AUSTRALIA'S VAST
URANIUM DEPOSITS IN THE NORTHERN TERRITORY, WE HAVE
AUTHOR ISED THE ATOMIC ENERGY COMMISSION JO MINE AND SELL
OUR URANIUM RESERVES AT RANGER IN THE ALLIGATOR RIVER
DISTRICT. I FOUND TERMENDOUS INTEREST IN THE
PURCHASE OF AUSTRALIAN URANIUM DURING MY RECENT
VISIT TO EUROPE, AT THE SAME TIME WE HAVE REACHED
AGREEMENT WITH JAPAN ON A JOINT STUDY IN URANIUM
ENRICHMENT A PROCESS THAT WILL GREATLY INCREASE
THE VALUE OF OUR RESERVES.
THESE ARE ALL SOUND, PRACTICALPOSITIVE
ACHIEVEMENTS. THEY WILL NOT ONLY INCREASE OUR
NATIONAL WEALTH AND STANDARD OF LIVING BUT MAKE US MORE
SELF-SUFFICIENT THE WORLD ENERGY SHORTAGE HAS
BROUGHT PROBLEMS TO MANY OF OUR GREAT TRADING PARTNERS
WITH AUSTRALIA'S PRECIOUS RESOURCES KEPT AS FAR AS
POSSIBLE IN AUSTRALIAN HANDS, AND DEVELOPED IN AUSTRALIA'S
INTERESTS, WE ARE GOING TO BE IN A MUCH BETTER POSITION IN
THE YEARS AHEAD TO DEFEND OUR STANDARD OF LIVING AND
DEVELOP OUR COUNTRY IN AN ENERGY-HU4GRY WORLD,
SOME OF OUR POLICIES MAY NOT FIND FAVOUR WITH PARTICULAR
GROUPS OR INTERESTS AT THE MOMENT, BUT BELIEVE ME, THEY
ARE IN THE LONG-TERM INTERESTS OF OUR COUNTRY AND OF
ALL THE AUSTRALIAN PEOPLE,