PRIME MINISTER
FOR MEDIA 26 JULY 1985
At its meeting today, the Economic Planning Advisory Council
( EPAC) focussed attention on medium to longer-term economic
growth and on its work program for the next 12 months.
The Council considered a paper on Medium to Longer-term
Trends Affecting Australia's Economic Growth, prepared by the
office of EPAC under the direction of a Council Working
Party. The paper, to be released publicly next week, identifies
trends likely to have a significant impact on Australia's
economy and society in the medium to longer term. These
trends are among the sources of the major challenges likely
to confront government over a medium to longer-term horizon.
EPAC had requested the preparation of the paper at its last
meeting as a further step in the process of its development
of a detailed view on medium-term economic policy issues.
This work builds on the statement on medium to longer-term
economic policy agreed by EPAC in March 1984.
Council agreed that the paper should play an important role
in drawing attention to the economic environment Australia
now faces. EPAC saw itself as having a responsibility to
bring economic realities to the attention of the community
generally and to make it clearly understood what our economy
can achieve in the forseeable future. Of particular importance
are: continuation of the high growth rates of the last two
years will be necessary for a significant period of
time to make further inroads into unemployment,
achievement of high growth rates for an extended period
will require concerted efforts, and
the external constraints on our economic potential must
be recognised and domestic policies must be based on a
clear understanding of these constraints.
Council's discussion of the paper on trends affecting
Australia's economic growth crystallised into a consideration
of major issues for attention in the word program for the
remainder of 1985-86. While deferring to its next meeting
finalisation of the details of specific projects for
consideration, EPAC agreed that. two major themes should form
2.
the basis for the papers to be prepared by the Officefor EPAC
meetings during the coming year:
the size of government and its economic impact, and
regeneration of Australian industries.
It was also agreed that the Office would continue to provide
timely indicators of economic performance to assist Council
in monitoring the state of the economy and forming views on
medium-term economic issues.