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Thursday, 30 April 1987
Page: 2398

(Question No. 5138)


Mr MacKellar asked the Minister representing the Minister for Industry, Technology and Commerce, upon notice, on 24 February, 1987:

(1) What sums were provided by the Australian Industry Development Corporation (AIDC) as finance for tourist ventures in each year since its establishment.

(2) What percentage of the finance funds provided by the AIDC in each of those years was provided for tourist ventures.


Mr Barry Jones —The Minister for Industry, Technology and Commerce has provided the following answer to the honourable member's question:

(1) and (2) Financing of service industries such as tourism was not within the role of the Australian Industry Development Corporation prior to December 1983.

On 21 December 1983, legislation introduced by the present Government expanded the role of AIDC to include all Australian industries. Between then and last balance date, 30 June 1986, the Corporation provided finance for 14 tourism developments.

The sums provided each year and their relationship to total financings by the corporation are set out in the following table. The table shows when funds were committed rather than when they were outlaid.

Year Ended June

1984

1985

1986

Finance for tourism ventures ($M) ...

61.5

20.9

53.1

Total funding commitments (a) ($M) ...

223.3

484.0

618.0

Per cent of tourism to total ...

27.5

%...4.3

%...8.6

%

(a) Excludes financial commitments in the form of guarantees and underwritings.