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Treasurer's plans to sell assets collapsing into confusion



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JULIAN BEALE, M.H.R. Federal Member for Bruce Shadow Minister for Privatisation

M E D IA R E L E A S E

Treasurer's Plans to Sell Assets Collapsing Into Confusion

The Federal Treasurer's plans to selL off Government assets are collapsing into confusion, the Federal Member for Bruce and Shadow Minister for Privatisation, Julian Beale, said today.

The sale of shares in the Commonwealth Bank, originally planned for this month, has been delayed because the Treasurer and the Departments involved have been unable to prepare a prospectus.

Plans to sell part of the Bank have become- bogged down in

administrative and legal difficulties.

Banking sources now claim the sale of shares in the Bank will be delayed for some months and will raise much less money than originally planned.

The sale of Australian Airlines is now caught up in a fight

between the Airline Board and Canberra.

Qantas is also fighting with the Government over prohibitions placed on it from buying into a domestic airline.

In the light of this incompetence, the quest- by Mr Keating for the Prime Ministership is entirely misplaced.

Mr Hawke's supporters need only to point to the mess the

Treasurer has. made of proposals to sell Government assets.

The clear fact is that the asset sales program is collapsing and is damaging Australia's commercial reputation.

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For further information 03/241 9996 29 May 1991

P16/91

For further information: (0 3 ) 5 6 0 4744, (06) 277 4154