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ABS production figures highlight need for economic policy change



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MEDIA RELEASE SENATOR FRED CHANEY

LEADER OF THE OPPOSITION IN THE SENATE SHADOW MINISTER FOR INDUSTRY. TECHNOLOGY AND COMMERCE

COMMONWEALTH PARLIAMENTARY LIBRARY M ICAH

31/89

ABS PRODUCTION FIGURES HIGHLIGHT NEED FOR ECONOMIC POLICY CHANGE

The long term recovery of manufacturing industry is being threatened by the Government's excessive reliance on tight monetary policy and its utter failure to implement productivity-increasing micro-economic reform.

Preliminary production figures released today by the Australian Bureau of Statistics for March show falls in output in eighteen of the twenty-seven industries for which seasonally-adjusted estimates are given.

These figures fit in with the picture emerging from private sector surveys that the level of manufacturing activity is slowing, particularly exports of manufactured goods.

They sound a warning that the competitiveness of industry has not improved.

Australian manufacturers still have to cope with inflation and interest rates way out of line with many of their trading competitors, wages growth double the overseas average coupled with abysmal productivity performance, and cost imposts caused by inefficiencies outside their control,

such as on the waterfront.

Until the fundamental causes of our uncompetitiveness are addressed manufacturing activity will remain precariously based.

PERTH Contact : Keith Kessell

27 APRIL 1989 < 09) 325 8179

8558