The Prime Minister's Supermarket to Asia Council has strongly
endorsed the Government's responsiveness to the current economic
turmoil in Asia at its meeting in Canberra today.
Industry representatives expressed the very strong view that the extent
of Government support was appropriate and that Australia's standing
in the region had benefited significantly from our willingness to
stand by our neighbours in the bad times as well as the good.
Australia is one of only two countries to have participated in all
three IMF rescue packages for Thailand, Indonesia and South Korea.
Australia is helping by providing a currency swap to Thailand and
standby loans for South Korea and Indonesia in the context of IMF
packages for these three countries.
Australia has also agreed to provide insurance cover on the national
interest account for exports to South Korea and Indonesia. This both
supports our own farmers and exporters as well as helping the countries
concerned.
In particular, Australia is playing a very supportive role in helping
Indonesia tackle its economic problems and the social consequences
flowing from them.
The Council also noted that the region was in need of investment to
help it rebuild and restore living standards.
As a strong regional economy, Australia is in a situation to play
a role here. Australia has many companies which are experienced in
dealing with Asia, with the financial strength to play an increasing
role in investing in Asia.
This would be to the mutual benefit of both the Australian companies
and the Asian region.
The Supermarket to Asia Council urged Australian companies to examine
these possibilities carefully with a view to taking a more aggressive
approach in Asia. It is evident that our competitors are already looking
at such opportunities.