SPEAKING NOTES FOR THE PRIME MINISTER
OPENING OF BENDIGO BUILDING SOCIETY HEADQUARTERS
BENDIGO 7 JUNE 1989
At the outset I offer my congratulations to Australia's
oldest building society as it enters, with confidence
and optimism, a new phase in its growth.
0 When we moved to deregulate Australia's financial system
we knew this would present many opportunities and many
challenges to banks and building societies around the
nation. It is pleasing to see how the Bendigo Building
Society has responded to this challenge.
And it is also pleasing to see the growth that has taken
place in Bendigo over those years.
A few statistics tell this story vividly.
Real level of construction activity has
doubled between 1982/ 83 and 1987/ 88.
House construction has nearly trebled over
that period to $ 75 million in 1987/ 88.
2.
Expenditure on retail construction has also
risen very sharply over that period to more
than $ 13 million.
Factory construction has also increased.
In other words, building activity is taking
place across a broad range, which indicates
the underlying strength of Bendigo's economy.
The Federal Government has made an important
contribution to all this activity.
Work on the $ 11 million extension to the Bendigo
TAFE has just been completed.
We are providing nearly $ 2 million for elderly
persons hostel units and some $ 40 million, with a
further $ 70 million of Federal funds committed over
the next five years for work on the Calder Highway.
We have assisted more than 2,500 local families
through the First Homes Owners Scheme.
The State Government is also, I know, supporting a
number of important developments which will continue to
support the building industry.
Over these years the Bendigo Building Society has grown
to support this development.
In 1987-88 you lent more than $ 200 million.
You have computerised; you have expanded into
providing new consumers services.
And now you have built Fountain Court which will
serve as your headquarters for many years to come.
You will play an important role in Bendigo's future
just as you have in its past. I wish you well in that
endeavour. I have great pleasure in declaring Fountain Court
open. [ UNVEIL PLAQUE]