PM Transcripts

FOR PRESS: PM No 18/ 1972
FIRST ADVAN4CE ON WHEAT
Statement by the Prime Minister, Mr William McMahon, M. P.
The Government is prepared to arrange the provision of
finance under the usual government guarantee to the Reserve Bank
to enable the Australian Wheat Board to pay a first advance at the
rate of $ 1.10 per bushel less freight on deliveries of wheat to the
Board up to 407 million bushels in the 1972/ 73 season.
This is the level of csuota deliveries recommended by the
Australian Wheat Growers' Federation and it has been accepted by
the Government on the understanding that if sales are below the
estimates adopted by the Federation and deliveries will be up to
or in excess of the quota, the Federation will accept responsibil-
* ity for a reduction in the 1973-1974 delivery . quotas.
The -Government's decision clears the way for the
Australian Agricultural Council, of which the Minister for Primary_
* Industry, Mr Sinclair, is a member, to take decisions in Perth
next week on the quotas for next season.
The Government has reached this position after taking
into account the present wheat stocks situation, which is
substantially lower than has been the case over the past two years
and the prospective export outlets for wheat in the present season.
The decision recognises the desirability of the industry
being in a position to provide continuity of supply to its markets.
Further details are available from the Minister for
Primary Industry.
CANBERRA 8 February 1972