Printer Friendly

EMBASSY OF AUSTRALIA ISSUES PRIME MINISTER'S ECONOMIC STATEMENT

 EMBASSY OF AUSTRALIA ISSUES PRIME MINISTER'S ECONOMIC STATEMENT
 WASHINGTON, Feb. 26 /PRNewswire/ -- The Australian Prime Minister Paul Keating, announced today a range of new measures designed to provide a short-term boost to the economy, further enhance industry reform and promote productivity growth.
 In a statement to Parliament, Keating said his four-year plan would boost growth and create more than 800,000 jobs without significantly increasing the current account deficit and, at the same time, return the budget to a surplus in 1995-96.
 The government will provide a stimulus for the economy of US$1.7 billion during 1991-92 and 1992-93. This is well within the extent of the budget stimulus to the economy called for by economic commentators within Australia. Although it increases Australia's budget deficit, the deficit is still forecast to peak at no more than 1.9 percent of GDP in 1992-93.
 The fact that the government can give an economically responsible stimulus to the Australian economy now reflects the strength of the budgetary position built up over the past several years.
 Key points of the package include measures to encourage business investment, accelerate the approval processes for major projects, stimulate infrastructure expenditure (roads, railroads and airports) -- and further enhance training and labor market programs.
 At the same time, the government has pushed ahead with major reforms in the aviation, finance and electricity industries.
 Among the key initiatives announced, foreign entry to the Australian banking industry has been liberalized to allow foreign banks to conduct wholesale banking through branches, to permit the issue of new licenses to foreign-owned banks and to allow foreign bids for Australian banks (other than the four major banks).
 New guidelines on foreign investment will also take effect immediately, Keating said. The most significant of these are:
 -- An increase to US$38 million as the threshold below which foreign investment proposals in certain sectors need to be examined. Included in this group are rural properties, agriculture, oil and gas, manufacturing and tourism.
 -- The removal of the 50 percent Australian equity and control guidelines for participation in new mining projects and the economic benefits test for acquisitions of existing mining business. Approvals in the mining sector (over US$38 million) will now normally be approved, unless judged contrary to the national interest.
 Keating announced changes to Australia's aviation policy. These would help create a single aviation market with New Zealand, permit Australia's international airline, QANTAS, to carry domestic passengers, and the two domestic airlines, AUSTRALIAN and ANSETT, to operate on international routes.
 The prime minister's tabled statement said that the internationalization of the Australian economy needed to proceed -- at its broadest -- on two fronts: the adoption within Australia of practices and pricing structures which allowed industries to compete with imports and gain greater export share, and policies which promoted access to international markets.
 Keating told Parliament that his statement contained major initiatives, "measures big enough to stir the imagination."
 "Our program will do more than speed our recovery from the recession. This statement is about making this nation strong," he said.
 -0- 2/26/92 p
 /CONTACT: Christopher Sweeney, Counsellor, public affairs, Embassy of Australia, 202-797-3165/ CO: Embassy of Australia ST: District of Columbia IN: SU:


1300 -- DC021 -- 2849 02/26/92 13:39 EST
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Feb 26, 1992
Words:540
Previous Article:HUTCHINSON TECHNICAL COLLEGE AND TL SYSTEMS TO DEVELOP PACKAGING TRAINING PROGRAM
Next Article:EQUITABLE RESOURCES ANNOUNCES TWO DISCOVERIES


Related Articles
Text of joint press statement of Koizumi, Howard.
Smaller Pacific states voice concern over climate change.
Statement by White House Press Secretary.
Australia seeks free trade deal with GCC.

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters