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Thursday, 17 October 1974
Page: 1805

Senator YOUNG (SOUTH AUSTRALIA) -I ask the Minister representing the Minister for Minerals and Energy whether he has seen reports that Australia may invite Japan to join with Iran in helping Australia to build a multi-million dollar petrochemical complex in the Pilbara district of Western Australia? Does this proposal mean that there is a change in the Government's attitude towards overseas investment and also its resources policy? Will such a proposed petrochemical project at Pilbara jeopardise the proposed Redcliffs petro-chemical project in South Australia?

Senator WRIEDT - I am not aware of the proposed investment to which the honourable senator has referred. I will have to refer that part of his question to the Minister for Minerals and Energy. Insofar as the honourable senator referred to a change in broad Government policy, I can state that there is certainly no change. We will remain committed to the policy we have enunciated from the beginning of our term of office. We will ensure that Australia's resources and industries remain in Australian hands as far as that is economically practicable. We will not allow a repetition or a continuation of what happened in years past, namely, of overseas capital taking over Australian industries.

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