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Balance of payments debacle



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M E D IA RELEASE

SENATOR SID SPINDLER AUSTRALIAN DEMOCRAT SENATOR FOR VICTORIA

PARLIAMENT OF AUSTRALIA · T H E S E N A T E

30 October 1992 92/646

B a l a n c e o f P a y m e n t s D e b a c l e

The Australian Democrats today called on the Government to withdraw legislation currently before the Senate implementing further tariff cuts and withdrawing import quotas in the TCF industry.

"Imports of textiles rose almost 10% and road vehicles a

staggering 25%", said Senator Sid Spindler, Democrat Trade Spokesperson, commenting on today's October balance of payments figures. .

"Overseas governments ensure that their manufacturers have guaranteed production runs for their domestic markets, providing their industries with a strong base for exports.

"The 11% dive in seasonally adjusted exports means that the Australian Government must stop its ' hands o f f ' attitude and match other governments in their efforts to tilt the playing field in favour of their industries with subsidies, cheap

capital, tax holidays, subsidised marketing and research and development. * · .

"A 12 month pause in tariff cuts and a strategic sector specific approach to each industry is now imperative.

"Voters have been extraordinarily tolerant of the unemployment rise to 11.3%, but Mr Keating is taking a great risk if he

believes that Australians will accept the continuing destruction of their jobs and their children's future", Senator Spindler concluded.

For further information: Contact Senator Spindler - (06) 277 3640 (w), (06) 255 2343 (h).

COMMONWEALTH PARLIAMENTARY LIBRARY MICAH