! EM~ BARGO: 9,40 PM
FOR MEDIA FRIDAY, 26 FEBRUARY J982
SPEECH AT THE DINNER OF THE ASSOCIAZIONE LIBERAJE ITALIANA
Through a s-oirit of free enterprise, Australia has developed
into one of the world's strongest and most dynamic economies.
With a population of just over 8 million in 1949, which has now
S grown to 15 million, we have developed into a vibrant,
concerned and diverse society marked by freedom and widespread
opportunity. over this period living standards have doubled and our whole
way of life has been uplifted. Now as always, Victoria
is at the forefront of Australia's economic and social
development. There is a long history of development in Victoria,
and the level of Victorian achievement is often taken for granted.
Under successive Liberal Governments, Victorians have marshalled
the resources of their State to generate the highest average
household income and to achieve the highest rate of home
ownership of any State. The average home in Melbourne costs
$ 20,000 less than in Sydney. Victorians can be proud of the
achievement s of their state, and should recognise the progress
which they have exp6rienced.
Victoria leads Australia in developing and utilising its
energy resources. Over 90% of Australia's oil production is in
Victoria arid three quarters of Australia's demonstrated
recoverable reserves of crude oil, condensate and LPG are in
Victoria. Half of Australia's natural gas production is
in Victoria. Victoria has successfully developed its huge
brown coal deposits for its electricity needs. A third of
Australia's spending on production, exploration and development
of petroleum occurs in Victoria. We live in an era where theeconomic
use of and supply of energy resources is of
paramount importance, and successive Liberal governments have
ensured that Victoria's needs are met and maintained.
It is significant for Victoria's prosperity that two thirds
of Australia's largest companies are headquartered in Victoria,
and two thirds of Australia's leading resource development companies
are headquartered in Melbourne. Two of Australia's three leading
private trading banks are Melbourne based. Victorian Liberal.
Governments have worked to maintain Melbourne's position as the
financial capital of Australia. / 2
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In the three years to January, over 70,000 new jobs were created
in Victoria and Victoria's unemployment rate in January
1982 was the lowest of any state. Victoria is amajor manufacturing
state. One third of Australia's employees in manufacturing work
are in Victoria. Victoria is Australia's leading producer
Of passenger motor vehicles, and a major force in the
engineering, chemicals, textiles, food processing, paper
and rubber industries. Victoria is the leading state for
research and development in business enterprise. Victoria
is also a leading primary production state and growing,
In the last 5 years the value of rural output grew faster
in Victoria than any other State.
In education Victoria enjoys above state average spendinig for
school students, and has better student-teacher ratios than
the Australian average. In tertiary education, Victoria is
the equal highest state in terms of the participation rate
in Universities and Colleges of Advanced Education.
The advantages which Victoria offers are immeWiately clear,
both as a place in which to live and as a place in which
to invest. The facts speak for themselves.
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