PRIME MINISTER'S QUEENS; LAND BROADCAST NO. 17
THE LOANS DEBATE
SUNDAY 13 JULY 1975
I KNOW YOU MUST BE PRETTY WEARY OF THIS WHOLE
SO-CALLED LOANS SCANDAL BY NOW, BUT I MAKE NO APOLOGY FOR
RETURNING TO IT BECAUSE. WE CAN NOW SEE THE WHOLE ISSUE
IN PERSPECTIVE AND JUDGE THE STRENGTH AND MOTIVES OF THE
OPPOSITION'S CASE, BUT FIRST, LETS RECALL WHAT HAPPENED
THE LAST TIME ThE OPPOSITION AND THE PRESS CAME OUT WITH
THUNDEROUS ACCUSATIONS AGAINST THE. GOVERNMENT'S INTEGRITY,
YOU WILL REMEM. 3ER THAT SOMEONE LEAKED TO OUR OPPONENTS
CONFIDENTIAL CABLES WE HAD SENT TO OUR AMBASSADORS IN
VIETNAM. LOUD CRIES WENT UP ABOUT SCANDAL, DUPLICITY,
DECEPTION AND ALL THE REST OF IT, So WE HAD A DEBATE
IN PARLIAMENT, AS SOON AS I TABLED ALL THE RELEVANT
DOCUMENTS IT IMMEDIATELY BECAME CLEAR THAT THE
GOVERNMENT HAD ACTED WITH COMPLETE INTEGRITY AND CANDOUR.
THE CPPOSITION Cr. SE COLLAPSED AND NOTHING MORE HAS BEEN
HEARD ABOUT THE IETNAM CABLES FROM MR FRASER OR ANYONE ELSE.
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2.
EXACTLY THE SAME THING HAPPENED LAST WEDNESDAY.
THE OPPOSI TIO FAILED TO SUBSTANTIATE ANY SPECIFIC CHARGE
OF ILLEGAL OR IMPROPER CONDUCT AGAINST THE GOVERNMENT OR
AGAINST ANY M1INISTER; MORE THAN THAT, THEY FAILED To
MAKE AiYSEII HRE THEY HAD THEIR CHANCE; THEY
FLFED 1T. YUDNTH'EOTAEMY WORD FOR THAT,
THE VERY NEWSPAPERS-WHO HAVE BEE" LEADING THE CAMPAIGN FOR
MiR FRASER, THE SAE NEWSPAPER COMPANIES WHO HAV/ E SPENT
THOUSANDS OF DOLLARS-BUYING SO-CALLED-INCRIMINATING .0
* DOCUMENTS3 TO. DISCREDIT THE GovE/ MENT, HAVE HAD TO
TAHM I FTILTYOFTHE EXERCISE, IN THE MIELBOURNE
AGE O N T E 3DA Y R PETER COLE-ADA. Ms WROTE FROM LONDON:
" AS FA-R ASWE KNC'. 4, AUSTRALIA HAS NOT IN FACT LOST ANY(
MONEY A S A R ES-L. OF THE AFFAIR." ADTHE FINANCIAL
REVIEW SAID AF T ER WENESDAY'S DEBATE:*
IT" IT CANNOT B E SAID THAT THE LEADER OF THE0
OPAPOS: 7 10NP ~ R FRASER, MADE OUT A CONVINCING
CASE Y& EA FOR THE IMMEDIATE APPOINTMENT * 0
. OF A ~ Y L COMMISSIoN INTO THE GOVERNMENT'S
OVERSEIS LOAN RAISINGS. THIS IS WHAT HE CALLED
~.. ArCu. ENTS ADVANCED YESTERDAY BY
SE OR A ROYAL COMMISSION' WERE NOT
C= Z TL N CRMA L GRAVITY OR SUBSTANCE REQUIRE
-OR SUCH AN EXERCISE."
S0O OF-COURSE THEY WEREN'T: SO MUCH FOR THE SCANDAL
THE IMPROIRIETY, THE ALLEGED BREACHES OF THE LAW, LET'S
LOOK INSTEAD AT THE REAL ISSUE -WHY WE'VE SOUGHT THESE
LARGE SUM'S CF NONEY, TlY WE DECIDED TO EXPLORE THE
POSSIBIL ITIES OF BIG OVERSEAS LOANS. IWSINTERESTING.
THAT THE LIBERALS AND. THEACUNTRY PARTY HAVE NEVER DARED
TO : ATTACK THE BASIC PURPOSES BEHIND OUR INTENDED LOAN J
RAISINGS,. H NEE T DEVELOP OUR GREAT MINERAL AND ENERGY
R: PESOURC ~ wAHE. NEED: TO KSEP. TOSE RSOURCES IN. AUSTRALIAN'. 0 s
HANDS, TO M~ AKE SURE THAT AUSTRALIA : KEEPS CONTROL OF HER
OWN DEST> QY HER OWN FUTURE. N A VERY TROUBLED WORLD,
THE MEN. sct-n* Z ALU STRALIA SHORT, WHO KEPT SELLING OFF
TEAM73 3VERSEAS IN1TERESTS -THE SORT OF THING
S IR ** JC -N !-Eww AN UcN GORTON FOUGHT AGAINST -AREN'T
GAME 7 3 ATTAC( S CN HI BASIC ISSUE. SURE, WE'VE BEEN
ACZ12SiD OF BE:: G 7:-D A, 83ITIOUS, OF WANTING TO DO TOO
MUCH FOR AuSTRAL: A. THAT'S AN ACCUSATIO. N I CAN LIVE WITH
AT ANY TIMEAUBG PLANS WE CERTAINLY HAVE FOR THIS
COUNTRY4 AND JUiDGED BY THE:. TMID, ORTHODOX STANDARDS
OF-THE OPPOSITION, THEY MAY SEEM VERY BIG INDEED. BUT
Wi-ODOUBTS. THEIR NECESSITY, WHO. ; OUSTS THEIR ULATE'
LONG-TERM WISDPM?
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! PARLIAMENT ON WEDENSDAY I MENT IONED SOM'E
,,~ sOUR LOAN FUNDS COULD HAVE, BEEN USED.
vETO REMEM', BER THAT EVERY BIG MINERAL OR ENERGY.
iICSOECS TLYI-IT'S NO USE BELIEVING WE CAN
-VELOP OUR RESOURCES ON THE CHEAP, ONE REASON WE
HAVE SOUGHT. MONEY IS TO PRODUCE OIL FROM A PROCESS
CALLED THE HYDROGENATION OF COAL US-ING QUEENSLAND' S
VAST. COAL, DEOS MR CONNOR M E NTIO0N ED ON WEDN E SDAY
TH DE TO EXP N D THE GREAT COAL' EXPORTING HARBOURS
IN QUEENS3LAND. THYPIN LDSTONE, . To DO
TH IS. JC3 ?' RCERLY WILL COST HUNDREDS OF MILLIONS OF DOLLARS.
~ AKE NO MSTAKXE, I F THESE PROJECTS ' ARE. TO GO AHEADf IF
WE ARE 73DE60Z CUD GAS, OUR COALS : OUR URANIUM DEPOSITS
I N O0E ST'T_= S AS W~ ELL, WE'LL NEED CAPITAL bN A LARGE
S LZH VIE ARE INe TO N EE D MORE AND MORE CAPITAL IN
iTE YEARS AH= AJ. D 7: 1
OUR MATNERAL ViD EERGY
BY ' Wl" 1C. 4 W E CNBR OUR OWN SOURCES AND FROM OVERSEAS.
. RESERVES GIVE US THESECURITY
IT, SI' 7.
6.
I LEAVE YOU Iq ITH THIS THOUGHT: THE TIME
HAS PASSED WHEN WE COULD SIT BACK AND CONTEMPLATE -THE WORLD
ACCORDING TO THE COMFORTABLE, DO-NOTHING RULES OF THE
LIBERALS AND THE COUNTRY PARTY. IT SO HAPPENS THAT
ON THIS OCCASION W E DIDN' SUCCEED IN BORROWING
THE MONEY WE NEEDo THAT WON'T STOP US TRYING AGAIN,
WE ARE PROUD OF OUR EFFORTS AND CUR OBJECTIVES, UNDER
-S
THIS GOVERNET : AUSTRALIA HAS ACHIEVED THE HIGHEST POSSIBLE
STATUS A TRIPLE-A RATING AS AN INTERNATIONAL BORROWER.
THATSTATUS REMAINSCHANGED, OURHOPES AND PLANS
FOR AUSTRALIA ? EAIN UNCHANGED, .7 -I
7