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Wednesday, 1 June 1994
Page: 1009

Senator SPINDLER —I give notice that, on the next day of sitting, I shall move:

  That the Senate—

  (a)notes, with concern, the further deterioration in Australia's current account balance, blowing out to a deficit of $1.632 billion in April 1994 and adding to the debt burden which will come home to roost on our children and grandchildren;

  (b)deplores the Government's failure to take active steps to address this long-term structural problem by intervening to encourage export growth and discourage import penetration;

  (c)supports the call by the Institution of Engineers, Australia, for a national technology plan to help generate the innovation needed to grow competitive industries and revitalise Australia's public infrastructure;

  (d)commends the Queensland Government for its recognition that investment in public infrastructure energises private sector competitiveness and for its initiative in establishing a $1 billion infrastructure investment fund;

  (e)hopes that the positive comments by the Minister for Industry, Science and Technology (Senator Cook), on 25 May 1994, on the success of the Information Technology Industry Strategy is an indication that the Government now recognises the value of targeted intervention based on industry plans; and

  (f)calls on the Government to abandon its `hands-off' level playing field fantasies and support Australian industry through intervention and the generation of a culture of innovation.