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Tuesday, 6 December 1960

Mr HAROLD HOLT - To deal comprehensively with the question asked by the honorable gentleman would take an even longer statement than the question itself. But I would say to him that there are quite significant differences between the situation in Australia and that in Canada which, on the honorable member's references, has been giving concern to the Prime Minister of Canada and the Deputy Governor of the Bank of

Canada. In the first place, a very much bigger proportion of foreign investment has occurred in Canada than has been the case in Australia, most of it being from the United States of America, and that has given the United States of America a preponderant influence in the economic development of Canada. In this country our overseas investment is very much more diversified and very much smaller in degree. Australia has gained considerably not only through the resources which have come here as the result of the flow into Australia of overseas investment, but also from technical capacity and know-how; and I am quite certain that we can regard this as having been completely advantageous to us up to the present time. In saying that, I am not without an awareness of some of the problems which can arise from foreign investment on a scale which cannot comfortably be absorbed. I do not think that we in Australia have yet reached that position, by a long way.

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