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ABC News Breakfast -

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(generated from captions) international justs. - justice. The Prime Minister

Julia Gillard is addressing the

Australian Steel Institute

annual convention in Canberra.

Let's listen in. As Government

we're determined to keep the

whole economy strong, every

sector, every region, including

manufacturing &ing and

including steel. The health of

our steel industry is critical

to our infrastructure, energy,

defence, transport, automotive,

communications, construction and consumer goods

industries. In the new high-tech low carbon economy

we're creating, Australian

steel has a strong and sustainable future: It will

continue to be a source of

well-paid, high-skilled jobs

for Australian workers. Because

nothing matters more than

brings the benefits and dignity

of employment to all of those

who want to work. Friends, with

the high dollar and lingering

global instability, creating a

new economic future won't be

easy. But it's also a time of

incredible opportunity as the

rise of Asia brings the weight

of global economic growth right

to our doorstep. As we prepare

to meet the future, our

economic picture is one of

fundamental strengths and

resilient. Last week's national

accounts show our economy grew

by a robust 1.2% in the June

quarter. The strongest

quarterly growth in four

years. Manufacturing was up

2.8%. And transport postal and warehousing rose by 4.4%. Importantly, for this

gathering, metal products rose

14% for the quarter and 16% in

the year to June. These

quarterly results reinforce the

broader science of underlying

since the global financial economic strength we have seen

crisis. Strong growth in

corporate profit, rising

incomes, strong savings somid consumption growth,

unemployment levels that remain

low by world standards. And

interest rates lower than when

we came to office in

2007. Above all, business is

investing with confidence. A

record 120 billion dollars in

2010-11 with a record 150

billion dollars to follow in

this financial year already

under way. Now, despite the

strong growth figure s released

last week, it is true that not

all sectors of our economy are

growing as much as we would

like. Many industries are doing

it tough due to consumer

caution and the higher

dollar. And it's no secret that

steel is one of those

industries. That patchwork

pattern is a reflection of a

global economic transformation

taking place all around

us. French, for the first time

in our history Australia is not

a prisoner to the tyranny of

distance. Over the last two centuries, Australia was

stranded, far from the centres

of growth in Europe and in

North America. In this century,

we are in the right place at

the right time. The shift of

global growth from west to east

is perhaps the biggest economic

real re- alignment since the

industrial revolution. China is

now the second largest economy

in the world, and is expected

to surpass the US in size by

2020. While India is on track

to surpass the US in the middle

of this century. The

transformation of the Asian

economies from developing to developed economies status

- That's the Prime Minister

Julia Gillard speaking to the Australian Steel Institute

convention in Canberra. We will

leave her there for time being.

We will dip back into that