Note: Where available, the PDF/Word icon below is provided to view the complete and fully formatted document
CAI economic barometer bodes an ill wind



Download PDFDownload PDF

* * ί

P A R L I A M E N T O F A U S T R A L I A

H O U S E O F R E P R E S E N T A T I V E S

P A RLIA M ENT H O U S E C A N B E R R A A C T 2 6 0 0 TEL. (0 6 ) 2 7 7 2 0 3 9

FAX. ( 0 6 ) 2 7 7 4 9 8 9

IA N M c L A C H L A N M E M B E R F O R B A R K E R S H A D O W M IN ISTER F O R IN D U S T R Y A N D C O M M E R C E

EMBARGO 12.01AM TUESDAY 14 MAY 1991

MEDIA RELEASE-MEDIA RELEASE...MEDIA RELEASE

CM ECONOMIC BAROMETER BODES A N ILL WIND

The Government must act immediately to staunch the increasing sense of despair about Australia's rapidly deteriorating economic plight, the Shadow Minister for Industry and Commerce, Ian McLachlan, said today.

"Every day we receive more bad news. The latest is the Confederation of Australian Industry's economic barometer which shows Australia has dropped to ninth place out of ten major industrialised countries on a range of key economic indicators - down from second place just ten years ago.

"Whilst it is vital that we don't lose sight of Australia's great potential it is equally essential that we don't underestimate the damage to investor confidence of our steady decline."

Mr McLachlan said that Australian industry urgently required an immediate indication from the Government that it wanted economic recovery.

"For a start, to re-establish its bona fldes, the Government must:

- abandon its support for Accord Mark VI - give the go ahead to Coronation Hill - abandon the three-mines uranium policy - give the go ahead to the third runway at Sydney airport.

"None of these measures by itself is sufficient but they are absolutely necessary to help restore business confidence and reverse the seemingly irreversible trend towards economic oblivion," Mr McLachlan said.

Further information:

Ian McLachlan Telephone: (06) 277 2039 13 May 1991