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Thursday, 22 October 1964

Senator PALTRIDGE - I am not familiar with the financial structure of the organisation which is to undertake a vast the manufacture in Australia of the Volkswagen car. But I am delighted with the news, and I hope that my delight is shared by every member of the Senate at this further manifestation of the confidence of the world in Australia. This will give an opportunity for further employment in Australia. It will give an opportunity for Australia to increase further its already vastly increased stature in the commerce of the world. The honorable senator quite erroneously quoted the Prime Minister as having said that he proposed to review the matter of Australian participation in manufacturing ventures undertaken by firms with overseas parentage. At no time-

Senator O'Byrne - He certainly did.

Senator PALTRIDGE - At no time- at no time - at no time has the Prime Minister said that. If the honorable senator insists that he did, he insists in complete error; that is all.

Senator O'Byrne - The Sydney Press said that he did.

Senator PALTRIDGE - What the Prime Minister did in a recent speech, which I understand was given in Adelaide, not in Sydney - again erroneously quoted by the honorable senator - was to repeat almost from his policy speech his comments on Australian participation in this sort of venture. That was no more than indicating that he was favorably disposed towards, and would welcome an opportunity for, Australian participation in ventures of this type. But there was no intention that there was to be a review by the Government.

Senator O'Byrne - Why not?

Senator PALTRIDGE - The honorable senator, by interjection, asks a further question. It springs, of course, from the policy of the Labour Party itself, and the Labour Party's policy in connection with this matter is so to hamper any one who wants to invest in Australia as to preclude the further possibility of any overseas investment in Australia. That is not the policy of this Government. The policy of this Government is to encourage investment in Australia, at the same time encouraging Australian participation in such investment.

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