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Wednesday, 20 May 1970

The CHAIRMAN (Mr Lucock (LYNE, NEW SOUTH WALES) - I suggest that the clause and the amendment give a little wider scope than might be given by just the clause itself. Provided that the honourable member for Gwydir keeps within the framework of the clause and the amendment, he will be in order.

Mr HUNT - It is not my intention to take up the time of the Committee unnecessarily. I assure the honourable member for Lalor (Dr J. F. Cairns), who is leading for the Opposition, that I am not endeavouring to put him to sleep. We listened to him for some considerable time when he was making out his case. I want to quote these figures in order to demonstrate that there is a need for an inflow of foreign capital into our industrial structure.

We have seen the dramatic development of our secondary industries. The net value of our manufactures rose from $1,1 38m in 1949 to nearly $8,000m in 1969. We have seen products from secondary industries finding growing markets overseas. In I960 secondary industries exported $198m worth of goods, representing 11% of our total exports. In 1968-69 the figure rose to $562m, representing 17% of our total exports. I understand that this year $700m will come into this country from manufactures. So we are finding new markets. We will have to continue to find new markets. I believe that the provisions of this clause will help us to maintain the degree of growth in our secondary industries that will enable them to exploit the export markets.

We will need a growing availability of financial resources for our secondary industries. I know that sources are available already for our secondary industries. There are ways and means by which they can raise the necessary capital. But this Bill provides a new facility and a new access for our secondary industries which they will need in playing a far greater role in earning foreign exchange in the future and retaining Australian equity. So I support the clause and also the amendment which I believe does, to some extent, broaden the intent of the clause.

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