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Wednesday, 11 October 1972
Page: 1413

Senator MURPHY - I direct my question to the Minister representing the Treasurer. What does the Government intend to do about this extremely important aspect of our national finance: We have enormous and increasing cash reserves overseas, held on terms which by general agreement are not very satisfactory to Australia, while at the same time our real resources are being taken over by foreign interests? Does the Government propose to allow this to continue or does it intend to do something about utilising these enormous cash reserves to reverse the trend towards increasing foreign ownership and control of Australian industries, commerce and resources?

Senator Sir KENNETH ANDERSON - Obviously the matter, with all its implications, does not lend itself, if I may say so without intending to be discourteous, to a question or an answer at question time.

Senator Murphy - Do you mean that you have no answer?

Senator Sir KENNETH ANDERSON - No; to the contrary. Statements already have been put down in the Parliament on these very issues. I think that on reflection Senator Murphy would agree that to take up time during question time to canvass the question of our overseas balances and reserves would not be fair to other honourable senators who want to ask questions. I point out that question time has been going on since 10.30.I would be perfectly happy to make and put down a statement on this matter in due course. The Leader of the Opposition could move that the Senate take note of it and we could have a debate on it.

Senator Murphy - I request the Minister to do what be has suggested.

Senator SIR KENNETH ANDERSON In the fullness of time and within the limits of time that we have, I certainly will look at that matter without delay.

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