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Thursday, 28 February 1985
Page: 459

Mr O'KEEFE(10.43) —I have been asked to comment on a matter that was raised in the House today by my colleague the honourable member for Calwell (Dr Theophanous). The honourable member drew attention to the Cain Government's 10 year development plan. I would like to say something about that plan because I believe it to be a bold initiative which has shown that the Government of Victoria is prepared to lay itself open to be accountable in terms of the development of that State. It is a move which I think has been both positive and very well responded to. Under the Cain Government, for the first time the business sector, the trade union sector and the community at large have a plan and a blueprint upon which they can base their business decisions, lifestyles and projections for the development of Victoria.

I want to compare the Cain Government record in this respect with that of its predecessor, the Liberal-National Party coalition in Victoria. Under it there was a period of stagnation. There were no plans and no future projections-just maps on tables and walls of projects that did not come to fruition.

I also want to draw attention to the announcement yesterday by the Treasurer (Mr Keating) of the admission of new banks into Australia. The Victorian development plan has also played its role in attracting these banks to Australia and the components of them that will be making their way to Victoria. It is evident from commitments given to the Treasurer as a result of the entry of foreign banks that new jobs will be created in Victoria. Large scale building works will be undertaken as these banks open substantial offices in prime sites in the central business district and there will be competition. In the area from which I come-the area of non-bank financial intermediaries-I know that the opening up of competition will also be welcomed because provisions have been made in the conditions laid down by the Government to ensure that those non-bank financial intermediaries have available to them the benefits of true competition within the banking sector.

I return to the initiative of the Victorian Government in establishing a 10 year development plan which has provided the business sector and those in the community who are looking to planning their future with a blueprint from which they can make their projections and on which they can positively come to Victoria. I am sure that that development plan and the initiative it represents is a move that will be followed by other States as they see the advantages and the results that will flow to Victoria from that.