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Speech by the Minister John Moore to the Sydney Institute



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The Hon. John Moore, MP Minister for Industry, Science and Tourism

M e d i a

Release

23 A p r il 1997

SPEECH BY M IN IS T E R JOHN M O O R E TO TH E SYDNEY IN S T IT U T E

Level 4, 2 Chifley Square Sydney

Embargoed until delivery at 6.00pm, 23 April 1997

Contact:

Cheryl Cartwright

06/2777580 0419/418174

EXCERPTS FROM MINISTER M OORE’S SPEECH - 23 APRIL 1997

INFRASTRUCTURE “The Government must set priorities for infrastructure development. It must encourage innovative ideas, and it must assist desirable projects to come to fruition." (p.8) “A very fast train service has the potential to link what are now regional areas with major centres. Canberra could become an economic satellite of Sydney, Bendigo or Ballarat could become a satellite of Melbourne, the Sunshine and Gold Coast part of Greater Brisbane." (p.8) “A high-speed freight line between Darwin and Melbourne, with feeders off to new centres along the way, would dramatically expand our ability to service the Asian markets and encourage development and investment in many parts of regional Australia." (p.8) “I am also aware of the success in many countries of free ports and trade zones. I believe this may also be an area worthy of further examination." (p.8) * “Disincentives for bodies such as superannuation funds to invest in infrastructure will, in due course, need to be examined." (p.9)__________________________________

INVESTM ENT “The most significant factor in Australia becoming a much more prosperous economy over the next 30 years will be our ability to attract investment." (p.5) “It is one of my current priorities as Industry Minister to rejuvenate Australia as an investment location." (p.5) “As free trade becomes a reality, as international barriers come down, we will need to carefully monitor the impact of our taxation levels. I am in no doubt that our overall taxation level will need to be reduced over the next 15 years if we are to remain an attractive investment location." (p.6) “W e must also ensure we are competitive with the rest of the world in the on-costs associated with employing people." (p.6) “Our challenge is to ensure we are a low cost, not a low wage economy." (p.6) “W e need to encourage capital to be much more fluid. I will be disappointed, for example, if sometime in the next 15 years our system of capital gains tax is not further reviewed." (p.6) “W e must allow businesses to be much more innovative in sourcing their finance," (p,7)____________

MANUFACTURING “Manufacturing will play an important role in our economy in 2030.” (p.9) “The Government is committed to retaining a strong, innovative and export oriented manufacturing sector in Australia." (p.9) “An export oriented economy needs a viable manufacturing sector. The recent decision of the Government to develop a new support scheme for the pharmaceutical industry should particularly be seen in this context.” (p.9) “The need to develop our export base will be an important consideration in...decisions affecting

industry." (p.9)_________________

CONSTRUCTION “An efficient and effective construction industry is vital for other industry sectors." (p.12) “I am determined that the Federal Government will provide the leadership to ensure we have an internationally competitive construction industry." (p.12)

INFORMATION INDUSTRY “I consider it somewhat amazing that in an industry as dynamic and as fast changing as the information industry, the previous Government was working off a strategy formulated in 1987. W e need a strategic policy framework which will enable Australia to be a leader, not follower, in this vital industry.” (p. 11) _____________

SERVICES SECTOR “There is no doubt the dramatic growth of the services sector will continue. This is particularly good news for Australia as we are well placed to provide many important strategic services." (p.10) “The tourism industry has enormous potential, particularly if we ensure the appropriate economic conditions, effective market intelligence and forecasts so we can avoid the uncertainty that existed in the past within this industry." (p.10)______________________

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