Note: Where available, the PDF/Word icon below is provided to view the complete and fully formatted document
Speech to the Elizabeth Chamber of Commerce, South Australia



Download PDFDownload PDF

v $■

MINISTER FOR FINANCE RELEASE

EMBARGO 12.00 NOON 30 MARCH 1979 NO: 32

SPEECH TO THE ELIZABETH CHAMBER OF COMMERCE ELIZABETH SOUTH AUSTRALIA - 30 MARCH 1979

MR CHAIRMAN, LADIES AND GENTLEMEN...

FIRSTLY, LET ME THANK YOU FOR INVITING ME HERE TODAY.

IT IS THE FIRST OPPORTUNITY I HAVE HAD TO ADDRESS A

GATHERING SUCH AS THIS IN SOUTH AUSTRALIA.

I CANNOT EMPHASISE ENOUGH THE IMPORTANCE THAT WE AS A

GOVERNMENT ATTACH TO SUCH FORUMS AS THESE.

THEY NOT ONLY GIVE MINISTERS THE OPPORTUNITY TO EXPLAIN

GOVERNMENT POLICIES TO YOU BUT ALSO ALLOW FOR FEEDBACK

TO BE GENERATED TO GOVERNMENT ON ITS INITIATIVES AND

POLICIES.

TODAY I INTEND TO TALK TO YOU ABOUT THE STATE OF THE

AUSTRALIAN ECONOMY AND THE DIRECTION WE ARE

HEADING IN AS WE APPROACH THE 1980'S.

EVERYWHERE I GO THROUGHOUT AUSTRALIA TODAY I AM STRUCK

BY THE RENEWED OPTIMISM - THE INCREASING CONFIDENCE -

FELT WITHIN THE BUSINESS COMMUNITY.

INDEED, IF I WAS ASKED TO DESCRIBE THE PREVAILING FEELING

TODAY THROUGHOUT THE COUNTRY I WOULD DESCRIBE IT IN ONE

WORD - OPTIMISM. . .

THE MOST IMPORTANT REASON FOR THIS FEELING OF OPTIMISM

ABOUT OUR FUTURE IS, OF COURSE, THE GROWING SUCCESS OF

THE ANTI-INFLATIONARY ECONOMIC POLICIES OF THE GOVERNMENT -

THE POLICIES OF THE FRASER GOVERNMENT.

2

THESE POLICIES, GENTLEMEN, ARE INDEED WORKING - WORKING

FOR THE BENEFIT OF ALL AUSTRALIANS INCLUDING THE BUSINESS

COMMUNITY.

NEWSPAPERS ARE FULL OF PROMISING SIGNS IN THE CORPORATE

AREA. ·

COMPANIES ARE AGAIN REPORTING SUBSTANTIAL PROFITS ESPECIALLY

IN THE PASTORAL, STEEL, MINING AND FINANCE SECTORS, CAPITAL

INVESTMENT IS INCREASING - A GOOD SIGN THAT ECONOMIC RECOVERY

IS WELL UNDERWAY. '

LET ME ADD AT THIS JUNCTURE THAT MY REMARKS ARE SUBSTANTIALLY

SUPPORTED BY THE LATEST SURVEYS ON ECONOMIC CONDITIONS IN

AUSTRALIA CONDUCTED BY THE CONFEDERATION OF AUSTRALIAN

INDUSTRY/BANK OF NEW SOUTH WALES AND THE AUSTRALIAN CHAMBER

OF COMMERCE/NATIONAL BANK.

EVEN MORE RECENTLY STILL MELBOURNE UNIVERSITY'S INSTITUTE

OF ECONOMIC AND SOCIAL RESEARCH HAVE SUPPORTED THE CLAIM

THAT THERE IS MARKED UPSURGE IN CONSUMER CONFIDENCE - WHICH

IS ABSOLUTELY ESSENTIAL FOR ECONOMIC RECOVERY.

WE ARE SLOWLY BUT SURELY DRAWING OURSELVES OUT

OF THE ECONOMIC MIRE, WE AS A COUNTRY FELL INTO DURING THE

PREVIOUS ADMINISTRATION.

YOU SHOULD ALL REMEMBER THOSE DAYS. ‘

DAYS WHICH WERE MARKED BY MASSIVE AND IRRESPONSIBLE

SPENDING AND THE WAGES EXPLOSION OF 1973/74.

MOST DISTURBING WAS THE MARKED DISCREPANCY WHICH

DEVELOPED BETWEEN WAGES AND PRODUCTIVITY.

WE ALL KNOW WHAT THIS LED TO:

. INFLATION SOARED

. WE LOST OUR : ERNATIONAL COMPETITIVENESS

3

. WORST OF ALL, UNEMPLOYMENT ASSISTED BY SOME

DELIBERATE DECISIONS OF OUR PREDECESSORS ROSE

SUBSTANTIALLY,

THE ECONOMY BECAME DISTORTED AND WE ARE STILL

STRAIGHTENING OUT THOSE DISTORTIONS.

HOWEVER, WE ARE MAKING GREAT PROGRESS IN RESTORING THE

ECONOMY.

INFLATION HAS BEEN MORE THAN HALVED. IT HAS BEEN REDUCED

FROM 17% TO LESS THAN 8% OVER THE PAST THREE YEARS, AND

THE GOVERNMENT INTENDS TO REDUCE IT FURTHER.

WE HAVE REINED IN PUBLIC EXPENDITURE AND WE WILL CONTINUE

TO DO SO.

LET NO ONE UNDERESTIMATE OUR DETERMINATION TO CONTROL

PUBLIC EXPENDITURE - THAT IS EXPENDITURE BY ALL SPHERES

OF GOVERNMENT IN AUSTRALIA.

LET ME GIVE YOU SOME SALIENT FIGURES TO PROVE MY POINT.

UNDER LABOR, GOVERNMENT EXPENDITURE INCREASED BY 20% IN

1973/74, 46% IN 1974/75 AND IN 1975/76 BY 23%. MASSIVE

INCREASES IN PUBLIC SPENDING BY ANY STANDARD.

SINCE WE WERE ELECTED TO GOVERNMENT, PUBLIC EXPENDITURE HAS

INCREASED BY 29% AND THIS OVER A PERIOD OF THREE YEARS.

THIS IS SOLID PROOF OF THE DETERMINATION OF THE GOVERNMENT'S

UNDERTAKING TO REDUCE PUBLIC EXPENDITURE.

THE POLICY WILL BE CONTINUED AND STRENGTHENED.

IT IS AN INTEGRAL PART OF OUR ANTI-INFLATIONARY ECONOMIC

POLICIES.

4

THIS IS THE AREA OF PUBLIC ADMINISTRATION THAT I AM

DIRECTLY RESPONSIBLE FOR AS FEDERAL MINISTER FOR FINANCE -

NAMELY THE OVERSIGHTING: OF THE EXPENDITURE OF GOVERNMENT

DEPARTMENTS - ENSURING THAT THEY ADHERE TO THE GOVERNMENT'S

ECONOMIC POLICIES AS EXPRESSED IN THE BUDGET.

OUR POLICIES ARE ESSENTIALLY DESIGNED TO BRING ABOUT RECOVERY

IN THE PRIVATE SECTOR - TO CREATE CONDITIONS CONDUCIVE TO

GROWTH IN THIS VITAL SECTOR OF THE ECONOMY.

FOR THIS IS WHERE SO MANY JOBS WERE LOST WHEN WE AS A

NATION LOST OUR ABILITY TO COMPETE.

: " '

THIS IS WHERE THE JOBS FOR OUR UNEMPLOYED MUST BE FOUND -

THIS IS THE AREA WHERE REAL IMPROVEMENTS IN EMPLOYMENT WILL

BE GENERATED.

OUR OPPONENTS WOULD LIKE TO SEE US GOING ON ANOTHER PUBLIC

SPENDING BINGE - AS THEY DID WHEN IN:POWER - BUT THIS, AS

WE ALL KNOW, WOULD ONLY BE A SHORT TERM PALLIATIVE AT THE

VERY BEST IN THE FIELD OF UNEMPLOYMENT.

THE ONLY PERMANENT SOLUTION TO THE UNEMPLOYMENT ISSUE LIES

WITHIN A REVITALISED PRIVATE SECTOR.. ■

THERE ARE VERY GOOD SIGNS INDEED THAT THE ECONOMY HAS BEGUN

TO RECOVER - THAT THE PRIVATE SECTOR IS SET TO EXPAND. I 1 '

' ! ’

LET ME CITE A FEW OF THOSE FOR YOU»

RETAIL SALES ARE CONTINUING TO GROW STRONGLY.

BUSINESS INVESTMENT HAS BEEN GROWING STRONGLY

AND THE OUTLOOK IS FOR FURTHER STRONG GROWTH.

LATEST FIGURES ON MOTOR VEHICLE REGISTRATIONS

LOOK PROMISING. '

5

. FORWARD LOOKING INDICATORS SUGGEST THAT

BUILDING ACTIVITY WILL INCREASE IN THE .

NEXT FEW MONTHS.

. FARM INCOMES WILL RISE SIGNIFICANTLY THIS

YEAR. THIS YEAR'S RECORD WHEAT CROP MORE

THAN DOUBLE LAST YEAR'S OUTPUT, IS A

SIGNIFICANT CONTRIBUTOR TO THIS NEW RURAL

PROSPERITY.

. : THERE IS INCREASING EVIDENCE OF STRENGTHENING

IN THE BALANCE OF PAYMENTS "CURRENT ACCOUNT"

AS EXPORTS GENERALLY ARE BOOSTED. THE CURRENT

ACCOUNT DEFl'CIT FOR FEBRUARY WAS THE LOWEST

FOR 12 MONTHS.

. THERE ARE FURTHER ENCOURAGING SIGNS OF INCREASED

PRODUCTION ACTIVITY. '

THESE ARE PARTICULARLY PROMISING SIGNS. ,

THEY ARE SIGNS WHICH INDICATE THE SUCCESS OF THE THRUST OF

THE FRA.SER GOVERNMENT' S ANT I ■'•INFLATIONARY ECONOMIC POLICIES.

WE INTEND TO MAINTAIN OUR BASIC ECONOMIC THRUST. WE WILL

NOT BE DIVERTED FOR THE SAKE OF POLITICAL EXPEDIENCY.

THE GOVERNMENT HAS ALSO BEEN SUPPORTED BY THE OPTIMISTIC

REMARKS MADE BY THE LEADER OF THE OPPOSITION ON THE STATE

OF THE ECONOMY.

MR HAYDEN, HAS ON A NUMBER OF OCCASIONS IN A NUMBER OF PLACES

STATED THAT THE GOVERNMENT'S POLICIES ARE WORKING - THAT

THERE IS GOOD REASON FOR OPTIMISM IN THE AUSTRALIAN COMMUNITY

COMING FROM HIM - A USUALLY PESSIMISTIC POLIITCAL CREATURE

THIS IS PRAISE INDEED.

YET, I SEEM TO REMEMBER THAT NOT SO LONG AGO THE "PROPHET

OF DOOM" WAS CALLING FOR SUBSTANTIAL CHANGES IN THE

GOVERNMENT'S ECONOMIC POLICIES. ' - | - . ( · * , * ' · $ £ - / . . ‘ . Γ , 1 \ " i i n h ii l i i i i i w m i i n i il i i i l i Μ τ ι m U l M W i πτι ι ϊ ί i

6

WE WILL NOT, I REPEAT, WILL NOT, BE CHANGING THE BASIC

DIRECTION OF OUR ECONOMIC POLICIES, QUITE APART FROM THE

TERRIBLY UNSETTLING EFFECTS MAJOR ECONOMIC POLICY CHANGES

WOULD HAVE ON THE BUSINESS COMMUNITY.

WHY SHOULD WE? WHEN THEY ARE WORKING.

: 1

THE LAST BUDGET PRODUCED A VERY SIGNIFICANT LIFT IN SUPPORT

FOR AUSTRALIAN INDUSTRY. . ‘

THE BUDGET: ,

. PROVIDED DIRECT FINANCIAL ASSISTANCE AND

ASSISTANCE ACCORDED VIA TAXATION CONCESSIONS.

. INTRODUCED EXPORT DEVELOPMENT MEASURES

(INCLUDING UPGRADING OF EXPORT MARKET

DEVELOPMENT GRANT SCHEME AND NEW EXPORT

EXPANSION GRANTS SCHEME).

. IMPROVED INDUSTRIAL RESEARCH AND DEVELOPMENT

INCENTIVES.

. EXTENDED THE APPLICATION OF THE INVESTMENT

ALLOWANCE AND THE TRADING STOCK VALUATION

ADJUSTMENT TO ENCOURAGE BUSINESS TO RE-EQUIP

AND EXPAND ON A MORE EFFICIENT AND PRODUCTIVE

BASIS.

. REDUCED THE SALES TAX ON PASSENGER MOTOR

VEHICLES FROM 27*$% TO 15%.

LET US NOW CONTRAST THESE INITIATIVES TO ASSIST AUSTRALIAN

INDUSTRY WITH THE PERFORMANCE OF THE SOUTH AUSTRALIAN

GOVERNMENT. .

CLEARLY SOUTH AUSTRALIA'S PERFORMANCE HAS BEEN DISASTROUS.

THERE CAN BE NO OTHER WORD ’"OR IT

7

ALL TOO FREQUENTLY THE VARIOUS STATES, PARTICULARLY THIS

STATE, PUT THE BLAME FOR THEIR ECONOMIC DIFFICULTIES ON

CANBERRA.

THEY SAY THERE IS NOTHING THEY CAN DO IN THE FACE OF

COMMONWEALTH ECONOMIC POLICIES.

HOW DISHONEST THIS STATEMENT IS.

I AM SURE THE PEOPLE OF SOUTH AUSTRALIA ARE NOT FOOLED BY

IT. '

STATE GOVERNMENTS CAN"AND HAVE DONE MUCH TO PUT THEIR

HOUSES - ECONOMICALLY SPEAKING - IN ORDER.

WHAT IS CLEARLY LACKING HERE IS SOUND AND PROFESSIONAL

ECONOMIC MANAGEMENT.

LET'S LOOK AT THE PERFORMANCE OF SOUTH AUSTRALIA IN

COMPARISON WITH THE PERFORMANCE OF OTHER STATES.

IN THE SAME 8h YEARS IN WHICH SOUTH AUSTRALIA HAS LOST

11,000 JOBS FROM THE PRIVATE SECTOR,,WESTERN AUSTRALIA

HAS CREATED AN ADDITIONAL 35,000 JOBS AND QUEENSLAND -

HAS CREATED AN EXTRA 15,000.

EVEN THE LABOR STATE OF NEW SOUTH WALES HAS CREATED AS

MANY PRIVATE SECTOR JOBS IN THE LAS1V

10 MONTHS AS SOUTH AUSTRALIA HAS LOST IN THE LAST 8% YEARS.

IN THE PAST EIGHT YEARS MORE THAN 100,000 SOUTH AUSTRALIANS

HAVE BEEN ADDED TO THE POTENTIAL LABOUR FORCE. BUT PRIVATE

SECTOR EMPLOYMENT HAS NOT INCREASED BY EVEN ONE PERSON, LET

ALONE 100,000.

IN FACT 32,000 JOBS HAVE DISAPPEARED'FROM MANUFACTURING

INDUSTRY ALONE - BY FAR THE WORST RECORD OF ANY MAINLAND

STATE - AND THERE ARE NOW 11,000 FEWER PEOPLE EMPLOYED IN

THE ENTIRE SOUTH AUSTRALIAN PRIVATE SECTOR THAN THERE WERE

EIGHT YEARS AGO. ;

8

DESPITE THE DOWNTURN IN SOUTH AUSTRALIA'S PRIVATE SECTOR

THERE HAS BEEN ONE VERY SIGNIFICANT AREA OF GROWTH IN

EMPLOYMENT IN THE STATE - IN THE PUBLIC SECTOR,

ALL IN ALL SOME 39,900 NEW JOBS HAVE BEEN CREATED WITHIN

THE PUBLIC SECTOR WITHIN SOUTH AUSTRALIA OVER THE PAST

EIGHT YEARS.

PUT SIMPLY THIS MEANS THAT MORE AND MORE GOVERNMENT

EMPLOYEES ARE BEING FINANCED BY FEWER AND FEWER EMPLOYEES

IN THE PRIVATE SECTOR.

AS A RESULT THE LABOR1'GOVERNMENT IN THIS STATE HAS LEVIED

COMPARATIVELY HIGH RATES OF TAXATION AND REFRAINED FROM

OFFERING THE CONSIDERABLE TAX CONCESSIONS THAT ARE NEEDED

TO INDUCE PRIVATE INVESTMENT IN SOUTH AUSTRALIA.

ECONOMIC MISMANAGEMENT BY THE SOUTH AUSTRALIAN GOVERNMENT

HAS COST THE STATE DEARLY.

THE RESPONSIBILITY FOR IT MUST BE ACCEPTED BY THIS

STATE GOVERNMENT.

IT IS TRUE THAT SOUTH AUSTRALIA HAS BEEN FACED WITH

STRUCTURAL PROBLEMS WITHIN ITS INDUSTRIES - BUT THEN, SO

TOO HAVE OTHER STATES.

MOST HOWEVER, APPEAR TO HAVE ADJUSTED TO THIS PROBLEM

BETTER THAN SOUTH AUSTRALIA.

I REPEAT THAT THE RESPONSIBILITY FOR THE PRESENT ECONOMIC

MALAISE IN SOUTH AUSTRALIA MUST BE ACCEPTED BY THE INCUMBENT

ADMINISTRATION.

THE FEDERAL GOVERNMENT HAS CONSISTENTLY WORKED TO IMPROVE

NATIONAL ECONOMIC CONDITIONS BUT THEY HAVE RECEIVED LITTLE

ASSISTANCE FROM THE STATE ADMINISTRATION.

IN P A R T I C ^ h R SOUTH AUSTRALI' IAS SHOWN LITTLE WILLINGNESS

Vo REDUCE ITS PUBLIC EXPENDITURE.

9

THIS IS CLEARLY EVIDENCED BY THE GROWTH OF ITS PUBLIC

EXPENDITURE. THIS IS CLEARLY SEEN IN THE GROWTH OF

STATE GOVERNMENT EMPLOYMENT IN SOUTH AUSTRALIA BETWEEN

JUNE 1970 AND NOVEMBER 1978. ;

I HAVE ALREADY GIVEN YOU THE FIGURES.

INDEED THE RATE OF GROWTH IN PUBLIC SECTOR EMPLOYMENT IN

THIS STATE HAS BEEN AMONGST THE HIGHEST IN AUSTRALIA OVER

THE PAST EIGHT YEARS.'

SOUTH AUSTRALIA HAS ACTED CONTRARY TO THE NON-INFLATIONARY

OBJECTIVES OF THE FEDERAL GOVERNMENT.

IT IS ONLY WHEN STATE GOVERNMENTS RECOGNISE THAT THEY TOO

MUST PLAY A PART WITH-THE COMMONWEALTH IN REDUCING THEIR

CLAIM ON THE COMMUNITIES RESOURCES (THROUGH TAXES ) WILL

A VIABLE BASIS BE PREPARED FOR ECONOMIC STABILITY AND

FROM THIS THE IMPETUS FOR SOUND PRIVATE SECTOR GROWTH.

THE FEDERAL GOVERNMENT BELIEVES THAT EVERY SECTION OF

THE COMMUNITY MUST PLAY AND MUST BE SEEN TO BE PLAYING A

ROLE IN BRINGING ABOUT ECONOMIC RECOVERY.

ALL GOVERNMENTS HAVE A RESPONSIBILITY FOR DEVELOPING AND

CONTINUING POLICIES WHICH ARE DESIGNED TO CONTRIBUTE TO

SUSTAINED ECONOMIC GROWTH AND INCREASED EMPLOYMENT.

THE FEDERAL GOVERNMENT CANNOT WORK ALONE IN THIS AREA.

WE CANNOT ACT IN ISOLATION IN TACKLING THE ECONOMIC PROBLEMS

FACING THE AUSTRALIAN|COMMUNITY. '

10

GOVERNMENT, MANAGEMENT, UNIONS AND

EDUCATION AUTHORITIES ALL HAVE A SIGNIFICANT PART TO PLAY

IN RECOGNISING AND RESOLVING THE VARIOUS ECONOMIC PROBLEMS

WITH WHICH WE LIVE TODAY.

THE FEDERAL GOVERNMENT WOULD, OF COURSE, LIKE TO DO STILL

MORE TO ASSIST AUSTRALIAN INDUSTRY. '

HOWEVER, WE MUST FACE FACTS. ,

THE PUBLIC PURSE IS NOT BOTTOM.LESS. '

THERE ARE, AS YOU KNOW, VERY HEAVY CALLS ON FEDERAL PUBLIC

FINANCE PARTICULARLY IN THE FIELDS OF SOCIAL WELFARE,

HEALTH AND EDUCATION. '

IN FACT 46% OF THIS YEAR'S BUDGET HAS BEEN ALLOCATED TO

THESE AREAS.

ONLY TEN YEARS AGO THE FIGURE WAS IN THE ORDER OF 26%.

SO MUCH HAS THE STRUCTURE OF GOVERNMENT SPENDING CHANGED.

THE END RESULT OF THIS OF COURSE IS THERE IS LESS

FLEXIBILITY IN THE ALLOCATION OF TAXPAYERS FUNDS TO

PRODUCTIVE AND OTHER HIGHLY DESIRABLE AREAS OF GOVERNMENT

EXPENDITURE.

IT IS NOT AN EASY PROBLEM TO SOLVE.

I WAS DISAPPOINTED TO HEAR THAT THE LEADER OF THE OPPOSITION

HAS STATED THAT IF LABOR IS RETURNED TO GOVERNMENT IT WILL

INTRODUCE A CAPITAL GAINS TAX.

WHAT A DISCENTIVEl WHAT A TAX TO TALK ABOUT AT A TIME WHEN

EVERYBODY WANTS TO SEE THE ECONOMY BACK ON ITS FEET AND

PEOPLE REWARDED FOR SUCCESSFUL INITIATIVES THEY MIGHT

UNDERTAKE IN THE BUSINESS SECTOR. !

11

ο*

•DESPITE ALL THE QUALIFICATIONS MR HAYDEN PLACES ON THE

INTRODUCTION OF A CAPITAL GAINS TAX THERE CAN BE NO

DOUBT THAT THE INTRODUCTION OF SUCH A TAX WOULD STRIKE

AT THE HEART OF ALL, WHO HAVE BEEN PRODUCTIVE ENOUGH TO

ACQUI RE PEPSONAL ASSETS:

IT IS A NEGATIVE APPROACH ON THE PART OF THE OPPOSITION

AT THE VERY TIME WHEN PEOPLE ARE SEEKING POSITIVE

APPROACHES FROM GOVERNMENT. .

THIS IS ONLY ONE OF THE MANY ADDITIONAL TAXES THE LEADER

OF THE OPPOSITION PROPOSES TO INTRODUCE SHOULD THEY BE EVER

ELECTED TO GOVERNMENT» . . .

WHAT THIS COUNTRY NEEDS IS FEWER TAXES RATHER THAN MORE.

THE GOVERNMENT IS COMMITTED TO THIS PHILOSOPHY.

WE HAVE SHOWN OUR SINCERITY IN THIS AREA BY INTRODUCING

TAX INDEXATION AND BY OUR SIMPLIFICATION OF THE TAX SCALES

REDUCING THE NUMBER OF STEPS FROM 7 TO 3.

THESE REFORMS MEAN THAT EVEN WITH THIS YEAR'S TEMPORARY

SURCHARGE TAXPAYERS ARE PAYING ABOUT $3000 MILLION LESS

THAN THEY WOULD HAVE DONE UNDER THE TAX SCALES INTRODUCED

IN THE LAST HAYDEN BUDGET.

CONTRAST THIS TO AN 89% INCREASE IN PERSONAL TAXATION UNDER

LABOR. ; ;

; j

INDEED PERSONAL INCOME TAX COLLECTIONS ARE ESTIMATED TO FALL

IN REAL TERMS IN 1978/79. 1 ·

THIS IS THE FIRST OCCASION FOR THE LAST TEN YEARS THAT THERE

HAS BEEN A FALL OF THAT KIND.

MR CHAIRMAN, OUR POLICIES ARE WORKING. THEY ARE CONSISTENT

AND WE BELIEVE IN THE BEST INTERESTS'OF AUSTRALIA.

12

WE ARE COMMITTED TO OUR ANTI-INFLATIONARY POLICIES.

THEY ARE OF FUNDAMENTAL IMPORTANCE TO BUSINESS.

ANYTHING ELSE WE DO IS SECONDARY TO OUR BATTLE AGAINST

INFLATION.

GIVEN:

. , COMMONSENSE IN THE WAGES AREA

. COMMONSENSE IN INDUSTRIAL RELATIONS

. COOPERATION AND ENTERPRISE BY ALL AUSTRALIANS.

THE 1980'S WILL BE GREAT YEARS FOR AUSTRALIA.