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Government funds wool promotion



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MEDIA\Ίέ>

RELEASE MINISTER FOR PRIMARY INDUSTRY

CANBERRA

PI 85/169 28 August 1985

GOVERNMENT FUNDS WOOL PROMOTION

The Minister for Primary Industry, Mr John Kerin, said today that the Government had increased its allocation to wool promotion funding.

"In the Budget this year, the Government has allocated $29.6m for wool promotion funding, an increase of $3.6m, or 14%, over last year," Mr Kerin said.

"That means that wool promotion funding is up 50% on the $20m allocated in each of the four years prior to the operation of the new funding formula," Mr Kerin said.

The Minister said that the future of the wool industry and the maintenance of returns to growers rested on wool maintaining market share.

"If wool isn't promoted, it will lose out against synthetics and returns to producers will be reduced," Mr Kerin said.

Tne Minister said that it is estimated that the Government will contribute a total of $160m during the current five year wool promotion program.

"Tnis year, the wool industry is expected to contribute some $2.4 billion to the nation's export earnings and we need the promotion program if tnose receipts are to be maintained," Mr Kerin stated.

Mr Kerin said that in addition to promotion the Government had allocated $12.9m to wool industry research this y e a r .

"Tne purpose of research, in part, is to reduce costs,"he said.

"Both these allocations demonstrate that the Government is paying attention to the total problem of the cost-price squeeze," Mr Kerin stated.

Contact: Walter Pearson (062) 72 6649