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The case for privatisation



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u

Leader of the Opposition

L 3 5 / 8 5

ADDRESS BY

THE HON JOHN HOWARD MR

TO THE

AUSTRALIAN IN S T IT U T E OF P O L IT IC A L SCIENCE

"THE CASE FOR P R IV A T IS A T IO N "

HELD AT

ASSEMBLY HALL, COLLINS STREET

MELBOURNE

ON THURSDAY, 17 OCTOBER 1 9 8 5

1 AT 7 pm

- o O o -

Parliament House, Canberra, A.C.T. 2600 Phone 72 6994

Leader of the Opposition

THE CASE FOR P R IV A T IS A T IO N

The d ebate about p r i v a t i s a t i o n has i n t e n s i f i e d

OVER THE PAST FEW MONTHS.

Th i s is undoubtedly due to a growing r e a l i s a t i o n

THAT THE ALTERNATIVE GOVERNMENT OF AUSTRALIA HOLDS

A STRONG COMMITMENT TO A POLICY OF P R I V A T I S A T I O N ,

The debate of the past few months has been c h a r a c t e r is e d

by both m is c o n c e p t io n s about the a i m s and o b j e c t i v e s

of p r i v a t i s a t i o n and l i k e w i s e some t o t a l l y exaggerated

AND GROSSLY IRRESPONSIBLE ALLEGATIONS ABOUT THE

EFFECTS OF P R IV A T I SI NG CERTAIN. GOVERNMENT AUTHORI TI ES.

The p r im e m i n i s t e r ' s approach to p r i v a t i s a t i o n i s ,

TO SAY THE LEAST, SCHIZOPHRENIC. i,

I n November 1981 Mr Hawke adopted a p o s i t i o n of

UNEQUIVOCAL SUPPORT FOR THE PUBLIC SECTOR.

The p u b l i c s e c t o r , we were t o l d , i s " concerned w it h

ADVANCING THE INTEREST OF THE W HOLE COMMUNITY AS

AGAINST THE INTEREST OF PARTICULAR I N D I V I D U A L S . "

12

Parliament House, Canberra, A.C.T. 2600 Phone 72 6994

2 .

A SHI FT TOWARDS THE PRIVATE SECTOR, O N THE OTHER HAND,

"WOULD MEAN THE DI MI NUTI ON OF PUBLIC SCRUTINY OF

SOCIAL ACCOUNTABI LITY FOR MAJOR ECONOMIC DECI SI ONS

WHICH HAVE S I G N I F I C A N T SOCIAL I MPACTS" . M R HAWKE

MAINTAI NED THAT, AFTER A L L , THE PRIVATE SECTOR W AS

MOTIVATED BY THE DICTATES OF " P R O F I T A B I L I T Y " .

Just over a year l a t e r , shortly a f t e r h i s e l e c t i o n to

o f f i c e , Mr Ha w k e·was busy p r o c l a i m i n g t h e .v i r t u e s

OF THE PRIVATE SECTOR AND P R O F I T A B I L I T Y . W E W ERE

LED TO BELI EVE THAT HE W AS NO LONGER CARRYING A TORCH

FOR THE ESSENTI AL MORALITY OF THE PUBLIC SECTOR.

Du r in g the p ro ce e d in g s of the 1 9 8 3 Na t i o n a l Economic

Sum m it Mr Ke a t i n g went so far as to p r a i s e the economic

e n v ir o n m e n t of the Me n z i e s y e a r s . It i s c o n v e n ie n t

to remember t h a t i t was d u r in g Mr Me n z i e s ' Pr im e

Mi n i s t e r s h i p t ha t the Commonwealth Government sold

OFF I TS INTEREST IN THE COMMONWEALTH O I L REFI NERI ES

AND AWA.

But now the t i d e has changed - once a g a i n .

Acc or ding to the Pr i m e Mi n i s t e r there i s s o m e th in g

PRECIOUS IN MAI NTAI NI NG THE EX I S T I NG LEVEL OF

GOVERNMENT INVOLVEMENT IN THE ECONOMY.

/3

3,

La s t month i n a d d r e s s in g the in a u g u r a l " L ig h t on

the Hi l l " d i n n e r at Ba thur s t Mr Hawke e x t o l l e d

THE VIRTUES OF THE LATE BEN CHI FL EY, ’

Ben Ch i f l e y was a great Au s t r a l i a n . But Mr Hawke

' WOULD HAVE US BELIEVE THAT UNLESS EVERYONE ACCEPTS

THE "PERFORMANCE OF THE F I VE GREAT PI LLARS OF ECONOMIC

MANAGEMENT THAT CHIFLEY B U I L T " FORTY YEARS AGO ONE IS

BENT O N "ECONOMIC AND SOCIAL VANDALI SM".

Th i s i s as r e a c t io n a r y and as e x t r a o r d in a r y a s ta te m e n t

THAT ANY L E A D I N G· P O L I T I C A L FIGURE HAS MADE IN RECENT

YEARS.

According to Mr Haw k e, unless Au s t r a l i a c o n t in u e s

ALONG THE PATH MAPPED BY M R CHI FLEY OVER FOUR DECADES

AGO ONE I S HELL BENT O N REAPING DI SASTER.

Mr Hawke i s not the only La b o r Mi n i s t e r to resort

TO TRADI TI ON- BOUND, REFLEX RESPONSES TO ANY

SUGGESTION THAT THE ROLE OF THE PUBLIC SECTOR BE

ALTERED.

• i

Mi c k Young i s a g a i n s t p r i v a t i s a t i o n because i t " i s

BEING USED AS A STRATEGY TO HELP CONSERVATIVES BACK

INTO POWER".

/4

4.

To Mr West p r i v a t i s a t i o n means " f i s c a l i r r e s p o n s i b i l i t y " ,

To Mr Duf f y i t i s " i d e o l o g i c a l l y b l i n k e r e d " .

Mr Mo r r i s , the Transport Mi n i s t e r , has equated

p r i v a t i s a t i o n w it h a " one- off f i r e s a l e " of

Au s t r a l i a ' s a s s e t s . Mr Hawke was so im p r e s s e d by

T HI S THROW AWAY L I NE THAT FOUR DAYS AFTER M R MORRIS'

speech the Pr i m e ·Mi n i s t e r was also warning of the danger

of " one- off f i r e s a l e s " .

Not content to le a v e the b a t t l e to Labor p o l i t i c i a n s ,

THE ACTU AND THE PUBLIC SECTOR UNIONS HAVE WEIGHED

IN WITH HEFTY C R I T I C I S M S OF P R I V A T I S A T I O N .

TO SOME EXTENT THI S HYSTERICAL REACTION I S SYMPTOMATIC

OF THE D I F F I C U L T Y OF SUSTAINING A RATIONAL DEBATE IN

A HIGHLY CHARGED P O L I T I C A L ENVIRONMENT.

Bu t, on the other h a n d, i t does p r o v id e an o p p o r t u n i t y

TO RESPOND TO THE PREVAI LI NG HYSTERIA IN SOME D E T A I L .

15

5.

To n ig h t I want to set i n p e r s p e c t iv e the nature of

the Co a l i t i o n ' s approach to t h i s i s s u e , d e s c r i b e

SOME OF THE PRI NCI PLES WHICH WILL GUIDE OUR POLICY

DEVELOPMENT IN T HI S AREA AND DEAL WITH ONE OR TW O

OF THE MORE ABSURD CLAIMS MADE ABOUT OUR APPROACH.

Pr i v a t i s a t i o n i s not some new- f ang led panacea

WHICH IN AN EASY PAINLESS W AY WILL SOLVE ALL

THE PROBLEMS OF BLOATED GOVERNMENT EXPENDITURE.

. . / 6

I

6.

Nor i s the L i b e r a l Pa r t y ' s commitment one of

BLI ND IDEOLOGICAL ZEAL TO SELL EVERY GOVERNMENT

ASSET I T CAN LAY I TS HANDS O N IRRESPECTIVE OF

THE RATIONALE OR THE CONSEQUENCES.

Just as i t i s im p o r ta n t to understand t h a t

P R I V A T I S A T I O N I S NOT SOME WILD IDEOLOGICAL BINGE

by the L i b e r a l Pa r t y , i t should als o be understood

THAT W E HAVE NO INTENTION OF BEING KNOCKED OFF

COURSE BY SOME RUDE W ORDS AND SHALLOW SCARE

TACTI CS FROM OUR OPPONENTS.

Our com m itm ent to p r i v a t i s a t i o n i s based upon

FIRM BELI EF S THAT:

. THE ROLE OF GOVERNMENT IN OUR SOCIETY SHOULD

BE A L I M I T E D ONE. I T FOLLOWS THAT THE ONUS

IS UPON GOVERNMENT TO J U S T I F Y THE CONTINUATION

OF I TS EXI S TI NG ROLE AND TO DEMONSTRATE THAT

I T S A C T I V I T I E S DO NOT MORE PROPERLY BELONG IN

THE PRIVATE SECTOR; .

• W HEN A C T I V I T I E S ARE EXPOSED TO MARKET

FORCES AND COMPETI TION, THEN GOODS AND

SERVICES ARE NORMALLY DELIVERED MORE

E F F I C I E N T L Y , CHEAPLY AND IN A MANNER

BE NE F I CI A L TO AUSTRALIAN CONSUMERS.

n

7.

. THE ABUSE OF MONOPOLY POW ER IN THE

HANDS OF A STATE ENTERPRISE OR U T I L I T Y

CAN BE JUST AS PERVERSE AS ANY OTHER ABUSE

OF MONOPOLY POWER.

The a p p l i c a t i o n of these b e l i e f s means t h a t one

ESSENTIAL YARDSTICK WI LL BE APPLI ED IN DETERMINING

WHETHER OR NOT A GOVERNMENT ASSET OR FUNCTION SHOULD

BE P R I V A T I S E D , '

That y a r d s t i c k w i l l be whether or not the sale of

AN ASSET OR THE TRANSFER OF A FUNCTION EITHER

IN WHOLE OR IN PART WILL RESULT IN NET BENEFITS

TO THE PUBL I C,

That w i l l be the p r i n c i p a l c r i t e r i o n g o v e r n in g

I N D I V I D U A L DECI SIONS IN EACH AND EVERY AREA,

That st a te m e n t of p r i n c i p l e also c l e a r l y s i g n a l s

THAT A POLICY OF PRI VAT I SAT I ON REALLY FALLS INTO

, / 8

TW O PARTS,

8 .

Fi r s t l y there i s the q u e s t io n of whether or not

BQDI ES, U T I L I T I E S , COMMERCIAL OPERATIONS, CALL

THEM WHAT YOU W I L L , CURRENTLY OWNED BY THE

Go v e r n m e n t , should be sold i n whole or in part

TO PRIVATE SHAREHOLDERS.

Th i s i s the more v i s i b l e and I suppose more

GLAMOROUS SIDE OF P R I V A T I S A T I O N , I . E . , WILL W E

OR WON'T W E SELL TAA; WILL W E OR WON'T W E PR I V A T I SE

THE WHOLE O R PART OF TELECOM.

The other less glamorous but e q u a l l y im p o r ta n t

ASPECT OF PRI VATI SATI ON IS THE EXTENT TO WHICH ,

FUNCTIONS AND A C T I V I T I E S CURRENTLY PERFORMED WHOLLY

WI THI N THE GOVERNMENT SECTOR MIGHT IN FUTURE BE WHOLLY

Q R "PARTI ALLY PERFORMED WI THI N THE PRIVATE SECTOR.

The STEADILY INCREASED SUPPORT BY GOVERNMENTS OF

BOTH PERSUASIONS OVER RECENT YEARS FOR PARENTS

WHO SEND THEIR CHILDREN TO INDEPENDENT SCHOOLS,

I S A FORM OF P R I V A T I S A T I O N . BY GI VI NG INCREASED

HELP TO. THOSE PARENTS, GOVERNMENTS ENABLE THEM TO

CHOOSE TO USE PRIVATE EDUCATIONAL RESOURCES RATHER

THAN PUBLIC EDUCATIONAL RESOURCES.

/ 9 .

9

A S I MI LA R OBSERVATION CAN BE MADE ABOUT HEALTH

INSURANCE.

At present there i s a statu tory monopoly in the

hands of Me d ic a r e for the p r o v i s i o n of in s u r a n c e

FOR BASIC MEDICAL SERVICES. THE COALITION BELIEVES

THAT MONOPOLY IS W RONG AND ITS PROPOSALS TO AGAIN

PROVIDE HEALTH CONSUMERS WITH CHOICE IN THAT AREA

WILL CONSTITUTE, I F YOU L I K E , P R I V A T I S A T I O N .

He a lth consumers w i l l a g a in under our p o l i c y be

ABLE TO CHOOSE EITHER PRIVATE OR PUBLIC RESOURCES

TO OBTAIN HEALTH INSURANCE.

I T SEEMS APPROPRIATE HERE TO OBSERVE THAT THE LABOR

Party has no i n - p r i n c i p l e o b j e c t io n to some forms

OF P R I V A T I S A T I ON . FOR EXAMPLE:

. THE PRESENT GOVERNMENT IS COMMITTED TO A

S I G N I F I C A N T LEVEL OF SUPPORT FOR PARENTS

W H O SEND THEIR CHILDREN TO INDEPENDENT SCHOOLS;

. The May Economic St a te m e n t proposed the

TRANSFER TO THE PRIVATE SECTOR OF THE

Defence Se r v ic e Homes Loans Sc h e m e ;

. ./LO

. On a more modest s c a l e the Governmen t has

PROPOSED THE SALE OF THE BELCONNEN MALL.

. I t a l s o has under c o n s i d e r a t i o n the s a l e of

C S I R O N E T , the C S I R O ' s i n t e g r a t e d network °

FOR S C I E N T I F I C COMPUTING AND DATA PROCESSING.

These e x a m p l e s f a l l well short of what we ha ve i n

m i n d . They d em o n st r at e n o n e t h e l e s s t h a t i n

APPROPRIATE CASES THE LABOR PARTY CAN BRING I T S E L F

TO CONTEMPLATE P R I V A T I S A T I O N .

What i s more i m p o r t a n t s t i l l , consumers both here

AND ABROAD WI LL SUPPORT P R I V A T I S A T I O N I N THE RIGHT

CIRCUMSTANCES AS INDEED WI LL EMPLOYEES. .

The o ft m e n t i o n e d and s p e c t a c u l a r su ccess of the

s a l e of Br i t i s h Telecom i s the b e s t known o v e r s e a s

EXAMPLE.

The 92 per cen t of the em p lo y e e s of Br i t i s h Telecom

W HO TOOK UP THEI R SHARE ENTI TLEMENTS REJECTED T H E I R

U N I O N ' S A D V I C E . THE DEAL W AS F I N A N C I A L L Y ATTRACTI VE

to t h e m. What i s wrong w i t h t h a t?

10 .

/ I I

l i .

Su r e ly no t r a d e u n io n o f f i c i a l or Labor Pa r t y

P O L I T I C I A N CAN SERIOUSLY ATTACK THE I NTEGRI TY

OF A PROPOSAL I N PART BECAUSE I T INVOLVES EMPLOYEES

GAI NI NG BOTH A F I N A N C I A L REWARD AS A RESULT OF

P R I V A T I S A T I O N AND AN EQUI TY SHARE I N THE ENTERPRI SE

THAT EMPLOYS THEM,

/12

1 2 ,

Ha v i n g therefore d e f i n e d the o v e r a l l c r i t e r i o n

OF WHETHER O R NOT P R I V A T I S A T I ON OCCURS, AND - f

HAVING INDICATED THE TW O GENERAL CATEGORIES

OF P R I V A T I S A T I O N , THERE ARE ONE O R TW O OTHER

IMPORTANT PRI NCI PLES WHICH WI LL GOVERN OUR

DECI SI ONS IN THI S AREA,

The f i r s t of these i s that in any d e c i s i o n s taken

TO P R I V A T I S E , THE POSI TION AND JOB SECURITY OF

EMPLOYEES OF GOVERNMENT U T I L I T I E S ETC. WILL BE

A PARAMOUNT CONSIDERATION.

I WOULD G O FURTHER AND SAY THAT IN ANY PROPOSALS

a future Co a l i t i o n m ig h t adopt To s e l l to the

• i

A u s t r a l i a n p e o p l e g o v e r n m e n t e n t e r p r i s e s , t h e . ΊΧ

EMPLOYEES OF THAT ENTERPRI SE WI l i L RECEI VE

SPECI AL CONSI DERATI ON. '

I T I S IMPORTANT THAT T H I S BE UNDERSTOOD GI VEN THE

DELI BERATELY MI SLEADI NG ATTEMPTS BEING MADE BY

MANY TO CREATE FEAR, I NSECURI TY AND H O S T I L I T Y

AMONGST MANY GOVERNMENT EMPLOYEES.

/ 13

13.

The second broad p r i n c i p l e tha?t w i l l be observed

I S THAT ANY SALE OF ASSETS WI LL NOT BE SUCH AS TO

DESTROY OR REDUCE THE QUALITY OR A V A I L A B I L I T Y OF

SERVICES EX I S T I NG IN THE REMOTER AREAS OF

Au s t r a l i a . .

I S P E C I F I CA L L Y HAVE IN MIND TELEPHONE, MAIL AND

TRANSPORT SERVICES WHICH OPERATE IN RURAL AUSTRALI A.

I t has always been the v i e w of the Co a l i t i o n p a r t i e s

th a t Au s t r a l i a n s wherever they m ig h t l i v e are e n t i t l e d

TO CERTAIN BASIC SERVICES AT A REASONABLE COST.

These i n c l u d e t e l e p h o n e s , m a i l s e r v i c e s and c e r t a i n

TRANSPORT F A C I L I T I E S .

We have no i n t e n t i o n of red ucing the scale of those

SERVICES O R BRINGING ABOUT ANY RELATIVE INCREASE

IN THEI R COST.

That does not mean t h a t s u b s i d i e s now a v a i l a b l e

IN RELATION TO THESE SERVICES CANNOT BE PROVIDED

IN A DIFFERENT AND MORE COST E F F I C I E N T W AY WITHOUT

AFFECTING QUALITY OF THE S E RVI CE.

IN FACT INCREASING COMPETITION MAY WELL IMPROVE

EX I S T I NG SERVICES AND REDUCE CONSUMER. PRI CES.

/ X 4

i 1 4 ■

■ <- '■ 4

Ho w e v e r, the b a s i cV r i n c i p l e I have s t a t e d w i l l

- t

REMAIN CONSTANT. ς

It i s necessary t h a t t h i s be s a i d e x p l i c i t l y

so as to block off the q u i t e scandalous a t t e m p t '

BEING MADE to INCULCATE NEEDLESS FEAR AND CONCERN

amongst Au s t r a l i a n s who l i v e o u t s id e the c a p i t a l

c i t i e s .

The t h i r d p r i n c i p l e to be followed i s t h a t any

PROGRAM OF P RI V A T I SA T I ON WILL BE STEADY, PREDICTABLE

AND GRADUAL.

A S I G N I F I C A N T START WI LL BE MADE IN THE FI RST TERM

OF THE NEXT COALITI ON GOVERNMENT.

However , i t w i l l be done i n a manner governed by

PRACTICAL B U S I N E S S - LI K E DECI SIONS AND NOT AS SOME

EXERCISE IN CHALKING UP AS MANY SALES AS POSSIBLE

WI THI N A L I M I T E D PERIOD OF TI ME.

Qu i t e a p a r t from a n y t h i n g els e, the phased im p l e m e n t a t io n

OF SIGNIFICANT d e c i s i o n s in t h i s a r e a, would be

NECESSARY TO AVOID UNDUE STRAIN ON OUR CAPITAL MARKETS.

/ 15

15.

We are t a l k i n g here of a program which could

L I T ERAL L Y WELL TAKE YEARS TO IMPLEMENT. I T IS

NOT SOMETHING THAT CAN O R SHOULD BE RUSHED.

I t i s not somethin g t ha t i s seen by us as a

SHORT TERM F I NANCI AL SOLUTION TO RECURRENT

BUDGET D I F F I C U L T I E S .

AS I HAVE SAI D BEFORE, PRI V A T I SA T I ON IS NOT AN

EXERCISE IN SELLING OFF THE FAMI LY SILVER TO REPAY

OUR DEBTS.

The proceeds of p r i v a t i s a t i o n must not be used

TO FINANCE NEW EXPENDITURE NOR INDEED CURRENT

CONSUMPTION EXPENDITURE. ANY PROCEEDS SHOULD BE

APPLI ED TOWARDS REDUCTION OF OUR ACCUMULATED DEBT.

Pr i v a t i s a t i o n w i l l a f f e c t many p o r t f o l io s of

GOVERNMENT. '

Because of t h i s I have asked the Op p o s i t i o n Leader

i n the Se n a t e , Senator Ch a n e y , to co- o r d in a t e

the a c t i o n s of Co a l i t i o n Shadow Mi n i s t e r s r e l a t i n g

to p r i v a t i s a t i o n .

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16.

The current s t a te of our s p e c i f i c commitments

IN THI S AREA I S SET OUT IN THE OP P O S I T I O N ' S -

ECONOMIC POLICY RELEASED BEFORE THE 1 9 8 4 ELECTION

c a m p a i g n . That p o l i c y i n d i c a t e s t h a t a Co a l i t i o n

GOVERNMENT WOULD DISPOSE OF THOSE COMMERCIAL 9

E N T E R P R I S E S OR T H E I R A S S E T S WH OL L Y OR P A R T L Y

OWNED BY T HE GOV E RNME NT WH I C H S H OU L D MORE

P R O P E R L Y B E I N T H E HA NDS OF T HE P R I V A T E S E C T O R .

T h e C o a l i t i o n h a s a l r e a d y d e c i d e d t h a t t h e

A u s t r a l i a n I n d u s t r y D e v e l o p m e n t C o r p o r a t i o n ,

M e d i b a n k P r i v a t e a n d t h e H o u s i n g L o a n s I n s u r a n c e

C o r p o r a t i o n s h o u l d b e p r i v a t i s e d .

T h e 1 9 8 4 p o l i c y f u r t h e r s t a t e s t h a t t h e r e w i l l b e a n

E X A M I N A T I O N OF T H E R O L E , S T R U C T U R E A ND L E V E L OF

G o v e r n m e n t o w n e r s h i p a n d c o n t r o l o f a l l o t h e r

GOVERNMENT E N T E R P R I S E S SUCH AS O . T . C . , AUSSAT,

TAA, ANL, Te l e c o m , the Commonwealth Bank of Au s t r a l i a

and the Pi p e l i n e Au t h o r i t y .

Co n s i d e r a b l e work has a lr e a d y been done in a s s e s s i n g

THE POSI TI ON OF THOSE BODIES AGAINST THE P RI NCI PL ES

I HAVE ENUMERATED EARLI ER.

.117

17.

Λ

' V ·

t :

W e l l b e f o r e t h e n e x t e l e c t i o n t h e C o a l i t i o n

W I L L S P E L L OUT WHAT I T S PROPOSAL S ARE I N R E L A T I O N

TO T HESE B O D I E S .

W e s h a l l a l s o h a v e s o m e t h i n g t o s a y a b o u t w h a t I

HAVE D E S C R I B E D AS THE L E S S GLAMOROUS - BUT

NONE T HE L E S S VERY I MP O RT A NT - A S P E C T OF P R I V A T I S A T I O N

T h a t r e l a t e s t o t h e p r o g r e s s i v e t r a n s f e r o f f u n c t i o n s

AND A C T I V I T I E S FROM THE P U B L I C TO THE P R I V A T E S E CT OR.

T h e r e i s e n o r m o u s s c o p e f o r t h i s k i n d of p r i v a t i s a t i o n

A T A S T A T E GOVERNMENT L E V E L .

I AM G R E A T L Y ENCOURAGED BY THE COMMI T ME NT OF MANY

C o a l i t i o n p a r t i e s i n t h e s t a t e s p h e r e t o w a r d s

SUCH P R I V A T I S A T I O N .

T h e r e i s n o t h i n g r e v o l u t i o n a r y or f r i g h t e n i n g a b o u t

WHAT W E HAVE I N M I N D .

I t d o e s n o n e t h e l e s s r e p r e s e n t a new d e p a r t u r e f r o m

MANY OF T HE A T T I T U D E S OF THE P A S T .

A f u t u r e C o a l i t i o n g o v e r n m e n t w i l l n o t u n c r i t i c a l l y

A CCE P T T H A T P RESENT A L L O C A T I O N OF RESOURCES AND

F U N C T I O N S BETWEEN THE P U B L I C AND THE P R I V A T E SECTOR

I S A T A L L S A T I S F A C T O R Y .

718

18.

Of co u r s e , we do not d i s p u t e the role of government

IN MANY AREAS. “ "

No t h in g i n our proposals w i l l i m p a i r the c a p a c i t y

OF FUTURE GOVERNMENTS TO ASSI ST AND CARE FOR THE .

GENUINELY WEAK, NEEDY AND UNFORTUNATE IN OUR MI DST.

Rather by an exposure of many a c t i v i t i e s cu rrently

PROTECTED BY I N E F F I C I E N T MONOPOLY RULES AND ENTRENCHED

PRACTICES TO FORCES OF COMPETITION AND CHANGE, THE

Go v e r n m e n t ' s c a p a c i t y to a s s i s t could well be -

ENHANCED.

. J

T h i s i s a n i m p o r t a n t d e b a t e . I t w i l l b e a t e s t

OF T H E S O P H I S T I C A T I O N A ND M A T U R I T Y OF T H E

A u s t r a l i a n e l e c t o r a t e w h e t h e r i t c a n b e c o n d u c t e d

I N AN I N T E L L I G E N T A ND R A T I O N A L MA N N E R .

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