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Debt repayment of wool stockpile

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PIENet -DPIE98/10A - 17 February 1998 Page 1 of 1

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j * ^ 0 | | Minister for Primary

DPIE 98/10A 17 February 1998


Federal Primary Industries Minister John Anderson said today the Government had considered the issue of the December 1998 target date for the repayment of the debt of the wool stockpile.

"As Wool International is well advanced in meeting its minimum requirements and will not be selling above the minimum 90,000 bales per quarter unless there is a significant improvement in prices from the low point reached in recent weeks, there is currently no need to alter the target date," Mr Anderson said.

"Although confident that the wool industry is in a recovery cycle over the medium term, the Government is well aware of the pressures currently facing the industry, mainly as a result of the Asian slowdown.

"The situation will be closely monitored on an on-going basis and I will discuss stockpile issues with State ministers at the next ARMCANZ meeting in Hobart next week," Mr Anderson said.

Further inquiries:

Mr Anderson's office Robert Haynes (02) 6277 7520 or 0419 493 511

Last updated 18 February 1998

URL 15/05/1998