Ji. A U S T R A L I A , /LÂ« -

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PRIME MINISTER

FOR MEDIA 9 SEPTEMBER 1979

ELECTORATE TALK -

During this last week, I have had an opportunity to look over  the Australian Institute of Marine Science near Townsville, and  to open the new headquarters for the cane-growing industry in  Innisfail.

I was reminded of the wealth of Queensland, of the natural  resources that help make Queensland a great and developing  part of Australia. '

For the fact is that Australia is now experiencing a tremendous  surge of new projects and investment in our mining and manufacturing  industries.

The latest official information given to me shows that almost  $13.2 billion worth of projects are now firmly committed or in their  final feasibility stage throughout the country.

This is an unprecedented vote-of-confidence in Australia's  future.

In Queensland, almost $3,000 million worth of projects are ready  to go.

in Western Australia, that figure is over $5,000 million; $2,000 in Victoria; $95 million in Tasmania; $600 million in the  Northern Territory; under $2,000 million in New South Wales, but  only $300 million in South Australia..

In Victoria, the Alcoa aluminium smelter in Portland is included  in the total figure. That will give western Victoria and Portland  the kind of investment and development they have fought for for  many years. It will lead to much greater activity. It will lead

to many jobs for Australians.

It is a great pity that in South Australia, development lags so  far behind the mainland States, because there is great potential  for development in South Australia. ,

Its great Roxby Downs copper and uranium and gold deposit alone  is worth hundreds of millions of dollars, and it remains wasted  because of the policies of the State's government.

And because of that, other industries in South Australia suffer,  and job opportunities are thrown away.

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Out of the total of $13.2 billion worth of projects firmly  committed, or in the final feasibility stage, the mining industry  accounts for just over $8.2 billion. .

It is a telling reminder of our great natural wealth.

It is also a reminder of the significant part that mining now plays i:  our well-being. .

Already, Australia is a net exporter of energy. Within six  years we will probably be one of only two advanced Western  countries in that category.

The development of our energy and mineral resources has led  to a massive six-fold increase in the value of mineral production  over the last ten years. Minerals now contribute to nearly 40%

of our country's total export earnings.

Our policies - our economic management policies and our foreign  investment guidelines - are encouraging bold new investment in  Australia. The private capital coming into Australia is the highest  for eight years.

In the last quarter Ã¢ÂÂ  , expenditure approved by our Foreign  Investment Review Board under proposals put to it, was $1,400 -million - three times the March quarter.

That is overseas investors showing real down-to-earth confidence  in Australia.

The development and investment now happening is not a stroke of  luck or a quirk of history. It is a result of firm economic policies,   steadfastly applied, often in the face of strong pressure for us  to relax our approach. ,

It can be cheap and easy to knock what we do. It can be cheap and  easy to belittle our achievements. It can make good newspaper  headlines for people to preach gloom and doom.

But facts show that industry leaders, the investors, the manufacturers  and miners - the people that make the hard-headed decisions that  lead to jobs and growth - are planning ahead with confidence and  optimism.

Of course, I do not under-estimate the dangers and problems we  must overcome, and foremost amongst these is the renewed pressure of  inflation facing governments everywhere.

We have no choice but to keep up that constant and unwavering fight.

For let's be clear: that anti-inflation policy is making us more  competitive, attracting investment and encouraging development,  and that is the only real way to provide secure and productive jobs.

But it is up to us to have' confidence in ourselyes,,in Australia,  to have faith in Australia's abilities.

With that attitude, there is nothing that this nation cannot achieve.

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