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Tuesday, 10 October 1972
Page: 1394


Senator KEEFFE asked the Minister representing the Treasurer, upon notice:

(1)   Is it a fact that the following Australian industries are foreign controlled to the extent indicated: (a) agricultural and earth-moving equipment manufacturing, 91 per cent; (b) meat production, 92.5 per cent; (c) fruit and vegetable preserving, 95 per cent; and (d) flour and cereal production, 97 per cent.

(2)   Will the Treasurer inform the Parliament of the amount of profits exported from Australia by each of the industries referred to in (1) for 1971- 72.

Senator Sir KENNETHANDERSONThe Acting Treasurer has provided the following answer to the honourable senator's question:

I am informed:

(1)   Official estimates of overseas control in individual manufacturing industries have been published by the Commonwealth Statistician for 1962-63 and 1966-67. These estimates do not identify precisely the industries to which the honourable senator has referred. However, information is available on broader industrial groupings which approximate the industries concerned. This information is set out in the following table for the year 1966-67.

 

(2)   The Statistician prepares estimates of undistributed and distributed direct investment income payable overseas on an industry basis. Estimates for 1971-72 are not yet available. However, estimates of direct investment income distributed overseas in 1970-71 are available for broad industry groupings which include the particular industries referred to by the honourable senator. The relevant figures are set out below.

Direct investment income(a) distributed overseas,

1970-71

Founding, engineering and metalworking(b) - $23m. Food, drink and tobacco(c) - $39m.

(a)   Includes interest payments as well as profits and dividends.

(b)   Includes agricultural machinery and earthmoving equipment.

(c)   Includes meat slaughtering and carcase butchering.







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