PRIME MINISTER
TRANSCRIPT OF THE PRIME MINISTER, THE HON P J KEATING, MP
DOORSTOP, OVERSEAS PASSENGER TERMINAL, CIRCULAR QUAY
SYDNEY, 16 MARCH 1994
E& OE PROOF COPY
PM: National Accounts. Well, I think this Is a very encouraging iesult rut Ue whole
country. That ithat we arc now growing faster than any western country at
around 4 per cent. We have had very significant growth in the December quarter.
Happily the National Accounts again rrncrding very low inflation for Australia. That
isc, o mplementing the CPI and this I think Is a terribly encouraging result for the
whole country.
J: You must be worried about the low Investment figures though?
PM: No. Investment Is picking up. What the Accounts also record Is the highest profit
share in our history, that is the highest shlre or profits to GDP In our history. So.
the Government said at the time of the last election it was going to restart the
economy, It has done so. We said we would like to see 500,000 jobs created In
three years, what the Accounts show is 200,000 In the last year. And that mandate
we secured to get the place moving again Is. I think, pretty obviously being
satisfied.
J: But why are those Investment figuros taking so long to come through.
PM: Well because companies have been re-balancing their h. lance sheets. They
have been starting to get tieirconfidence back. find their mark and opportunities,
build their profits up, and now I think they will start hunting.
J: What message do you think today's result will send to the markets?
PM: One of a growing econumy with strong exports, good employment and low
Inflation. I mean it Is a very good message.
J: Any need to change the budget figures at all
PM: No, I dun'l think so. I think these are the kind oT growth rates that we expected to
see, and the thing is they are now in evidence. r
J: What ramifications do these figures have on Interest rates?
PM: Well, I answered that the other day. We have still got a lot of underempluyed
resources. I mean, I have Just had quostions here about business Investment, We
have still got a way to go to see business Investment pick up to levels which would
lift those underemployed resource.; up and see them used In this country. We are
not abuut to choke that off by any misplaced, utterly misplaced sort of caution.
J: Mr Keating on the Macedonian issue
PM: Well. I think the Australian public Is entitled to be entirely disinterested In this
argument, entirely disinterested. And an aiyuierinl, by two eLhnlc groups over an
ancient territory, essentially abuses the traditions of this country of tolerance and
understanding, and injects into this society episodes of the kind wc have seen in
the last wnok or two which this country could well do without. Now, while it may be
a matter to Greeks and Yugoslav Macedonians, a matter of great moment, how the
ancicnt State of Macedonia Is ieprusuited today In contemporary terms. It Is not a
matter of great political interest to the Australian community, nor need it be. So, I
will just say to these communities that this Is their adoptod country, they should
respect its mores and traditions of tolerance and fairplay and non-violent
resoluion of political and community conflict.
ENDS