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Increase in tabacco prices



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PRESS RELEASE STATEMENT BY

THE MINISTER FOR PRIMARY INDUSTRY

CANBERRA

28/2/74

PRESS STATEMENT BY THE MINISTER FOR PRIMARY INDUSTRY

SENATOR KEN WRIEDT

The Minister for Primary Industry, Senator Ken Wriedt, announced

today that the average minimum price for Australian tobacco leaf sold at

auction in the 1974 selling season would be 288.4 cents per kilogram, an

increase of 36 cents per kilogram.

Senator Wriedt said that the new price had been determined by

an Australian Agricultural Council decision after consulation with

Ministers from the three producing States, New South Wales, Victoria and

Queensland.

The amount of the price increase had been determined by reference

to a preliminary report of the Bureau of Agricultural Economics’ economic

survey of the tobacco growing industry and to an associated index of cost

movements.

The report and index, said Senator Wriedt, had indicated a

movement in cash costs of approximately 49 cents since the base period of

the survey. Offset against this were cost savings effected by the

introduction of plant position sorting and loose leaf selling. These

innovations already had the widespread acceptance of growers.

The Minister said that he was awaiting a final report from the

Bureau of Agricultural Economics on its economic survey of the tobacco

growing industry. When this became available he whould give consideration

to the need for further price reviews during the currency of the five year

Tobacco Stabilisation Plan which has become effective in 1974.