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Closing remarks [speech] to Collingwood Football Club, Melbourne



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PRIME MINISTER

TRANSCRIPT OF THE PRIME MINISTER, THE HON P J KEATING, MP CILOSING REMARKS AT ADDRESS TO COLLINGWOOD FOOTBALL CLUB MELBOURNE, 20 AUGUST, 1990

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Just let me recap on a couple of things. We had a recession and we have come out of it. We are growing somewhere in the order of 2.5 to 3 per cent. We have dropped 2.75 per cent into the Budget. We have recorded for the year three and a quarter per cent, 3.1 or 3.3 per cent. So we are moving, what we have got to do is to keep it moving further. We have broken the back of inflation, it is now giving us very low interest rates. The profit share is recovering, back to the'60s levels and probably higher. We have got a very good scene in industrial relations, with higher productivity coming through, through better operation of businesses and better cooperation as a work place. We have given the corporate sector a tax regime which is comparable to that anywhere in Asia, 33 per cent company rate, accelerated depreciation, two investment allowances, and full dividend imputation.

So it is all sitting there, and as the investment picks up and the big claims are on our pool of national savings, the public sector will be getting out of the way by 1996-97 as the Budget comes back towards 1 per cent of GDP. It is

basically all set and the Government has made those linkages into South and North Asia so that we can get better market access for manufactured products and continue the rapid growth of elaborately transformed goods up into the South-East and North Asian markets.

So, never before have we had quite this locational opportunity and never before were we, I think, this competitive and this supple in terms of our economy and our basis for productivity, which of course is being fed by the education system, where now nearly 8 kids in 10 are completing secondary school, and we are picking all them up, picking 40 per cent up and putting those through tertiary institutions and now through TAFE.

So we are really well poised. And I think the important thing now is to not be distracted by silly debates, or about the fact that the Liberal Party think they

COMMONWEALTH PARLIAMENTARY LIBRARY MICAH

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can give us a punch in the nose in the Senate and get away with it. That won't help the nation, and will not help the recovery which Australia needs, and which now we all must be part of to push it home and make it succeed.

And so that is why I think this is a very important Budget for the country. It is going to give Australia one of the best fiscal policies in the world right at the time we need it. But this year, kick activity along just that bit further so that businesses will get a kick along coming up to Christmas, particularly retailing and manufacturing right when we need it. Right when the rest of the world is

not helping us, when we need that extra little bit of gusto that we can provide for ourselves the Budget will be there to do it. We reckon we have got all the balances pretty right to give us a further kick along now, but pulling the public

sector out of the limelight when the private sector is up and running strongly by about 1995-96.

So I would like to thank Collingwood Football Club again for giving me the opportunity to say some of these things to you. I would like to thank Alan, who has invited me here again on yet another occasion. I said in the beginning that the comparisons between football and politics were generally

invidious, yet of course a lot of them are also irresistible. They are still irresistible to all ..... world wide success. And it is people like Alan McAlister crave it for Collingwood, I crave it for this country. We have got a lot in common, all of us, as Australians we have got a great opportunity as few countries have. We are the only country in the world that has a continent to itself. We don't share a border with anybody, we are in the fastest growing part of the world, and we are a very cohesive country and we have got good values and good principles.

And if we could say whatever the values of Australia are, wherever you see them, if you see them in globo, in one place, the Collingwood Football Club, as much as any sporting club in this country shows those values, and demonstrates those values, and that's why I always think maybe somewhere think an incongruity of talking about the Budget each year to the patrons of a football club. But of course it is those patrons who are the real heart and soul

of Australia.

So, thank you, Alan, for having me here again, and thank you Collingwood and let's hope we get back in the six and then the five and go on to pick up the flag on another occasion

Thank you