EMBARGO: 5. OOPM Â·

,,,r,~.: . ..._ __ _

~R'~$PlA SUNDAY, 25 JULY 1982

ELllC'!'ORA'l'~ 'J' MK

.-Qfl:f .. :R.f3:he major. responsibil i t.ies of Govern.."lient is to mako  .:SUtÂ°?::~rfat the economy iB Jnanaged SO as to create a clima_te. Of  :Â·stÂ®11i_tyÂ·t Â·1n i'ih-ich business and indnstl~Y can make long-t~rm  :d13'g~~ons: ~1ith confidence. '.Phis is particularly so in

~~~.t:.ia,1-:i.-a Â·:ntiw, Â·when we have to wettther a prolonged overseas  z.t~~~~s:iqi} f~+tiJJfÂ· Js 3:1ffecting profits, jobs$ investment -.ana:  ~1:~ef::l,~f-. Â·Â·Â·::,. :Â·Â·_Â·_Â·

~~~Â®~~i;}s::eÂ·con:omicÂ· pol~cies have had two overall~  j~l;>jectives-:Â·Â·Â·to minimise the impact on A'ustralia-of"the .  .:lJÂ·:lrld..:~~~ssion, and t.o rna};e sure we a;i.'e well eqtlipped to Â·  ,-,fwce_Â·advantage of a world economic :i:ecovery, whenever that  ::;nay\Â¢pme .. : .  ~'i.!~3-~f 1.~/.Â·::j~~----~ ~ __ ... -~ ~ : . _  :It'Â·1sF,in ,th~- context of this ove:call framework that the.  ;:~?:~tl.tr,tint'. announced last Mondny its industry package Ã¢ÂÂ¢. This  ~''pa'g}c~Â£tÂ·e~':i,tF"d~ benei:it tO nll Australian industries1 -the Â· ..  ~i:{te'7~~:r:oe developers, t.he majcn: rnanufactul.Â·el'S, primary ,  {ptg,~u:-cersÂ·/:~ud AustiÂ·alia 1 s largest C!mployers - the small

rf>Âµ~_~j:i:eJi~ep{~:Â· )till r all gain fr-om the package. The industry  :'.'lf~r.(~gibP.Z-,Oyides all industries with greatly simplified and  .;J:f'!'~~;_ge::i1e.rous general depreciation p1.Â·ovisions 7 Plant ordered  t~~

:~:;:~~=~----;~_:_;,~_:;;Â·:~:,.Â· ----

;.~.~r:.~t~~1:.*"S ?~e~ :_!.?.r9v.J:si_pns for Âµilding __ and construction inclnstry. That industry will  :(a.lso_--.b,e'i1efit -from the revised general depreciation decisions.  Â·~;~~i::}:~~:::;::zÂ·:Â·~~~::/.~;_;.;- :!: :-;e Â· .. :~ -Â·

\.~e;,tlS::"?Â·~:d~preciation provhdons will ma1logies ana to increase  ;_l:j;irj':j!=luCtivity, which -will be essential jf AustJ::nlain industr~1  ;~'.is\t:o ren".ain competitive, ln the past, rapid technological

:'.Â·$h~n~ie_has'rnade busiriesl> less certain of the valu~ of investing  '.:,-.:_.i;i1~.P.+8.A.:t:~and equipment tlrnt mig1,t be rnpi

-2-

Â·1,0:r,~ Â·Â·generally I the depreciation prov.1s1ons will create more  ."ppportuhities for industries to invest and grow so that they  '.areiÂ·ie-ady to take advantage of vmxlc1 economic recovery whert  :"fÂ·t?comaÂ·$."-.:: 'l'he Budgetary imp,wt of the new depreciation

j;,;-Qv-:isi?ns will be to f o:rego revenue sooner th~n woull1 have  to-tlie:twiseÂ·heen the case. If industry takes advantage of the  bpnefit:sÂ· u-f-the vzovi;;:rom:-1Â·Ill0r-e income, more profits and  Â·n-.ore~Â·ero_pJ9yrnent \'lill be creat

i'i'k;{::l~ii4.~stry padtage also inc:ludes the c>:pa.nsion of tlH? Export  ~~e~_))eVelopment Grant and the Export. Expansion GrantsÂ·Â·  _Scheoo will be allowed to lapse!. Both t.he 1ndustries Assistunce  ,

~9t'.i:"assisting_ ~::,:porters and is more in line wi t.h our international  ;_obJ;l"ga~i,~oi(s. But in the ena, it is a cost efficient Australian  ::econom.y -.arid .the exp,rnsion of worltl ~xport markets thl.Â·ough  ~tjori:6mid"growt.h which \dll give us renewed growth in e.xpcn.Â·t  '..ind~s tr:ies. .. Â·. .

]?ti~h~r-'feature of the inc!Uf;try pac};age is the Government 1 s  fi::e:j-e~ft.io)'(of is being pJrn5e{l down, but we have concluded   .t11#>Â¢. _i'tO Â·Â£urther genen:d~uctions would he practicable at  J:Ji.Hf~~time-because of the economic and social consequences to  )t:hiL:community 'of such a,>redttotion.  ~:.~Â·Â·,_,-::_:_Â·4Â· ........ - ........ _,, ... .._. -  ~~?wili Â·no~ever, 'press ahead with our international trade  :4ii:i;tj'citive'f'or Â·multilateral action on levels of protection.  :.=.ii:{(t:he:-,pres-ent economic environment. and in a f.d tuation where  ~';aif __ Âµju._cli as 50% .of our e>:ports are estimated to be Buhject to   ]:i.oh~,tari"ff barriers, unilaternl nction on these proposalsÂ·  \qd"4lttÂ·obvlously-b~ impossibl. Ã¢ÂÂ¢. nut if international agr~ement  ):u1"4J)e .. achieved on these proposalf~ there would be improved Â·Â·  Â·.ma~)tetsÂ·.-Â·Â£0-r Â·Australan export.u and Auf.:.tralia wot1ld join "1i t.h -i6therÂ·:'countries :in' adopting t.h{;m. These measnres would help   :regaiierata woxld trade, and worlc.1 economic g1~owth. lt is  .jni;:>;Wf_~p :tp __ '4.-nduatry to take advantage of the Government  1   s Â·   :,i.1rq~t,~.y:.Â·:pac};,age, so t.hat when the world economy does recover  Â·Â·Â·all;;}\,12.stralians wil 1 hi::nefi t from fast.er gJ:owth, more jobs  )iJ,~.)Jt?gher-' in oomes.   ---oOo--- 

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.t11#>Â¢. _i'tO Â·Â£urther genen:d~uctions would he practicable at  J:Ji.Hf~~time-because of the economic and social consequences to  )t:hiL:community 'of such a,>redttotion.  ~:.~Â·Â·,_,-::_:_Â·4Â· ........ - ........ _,, ... .._. -

~~?wili Â·no~ever, 'press ahead with our international trade  :4ii:i;tj'citive'f'or Â·multilateral action on levels of protection.  :.=.ii:{(t:he:-,pres-ent economic environment. and in a f.d tuation where  ~';aif __ Âµju._cli as 50% .of our e>:ports are estimated to be Buhject to

]:i.oh~,tari"ff barriers, unilaternl nction on these proposalsÂ·  \qd"4lttÂ·obvlously-b~ impossibl. Ã¢ÂÂ¢. nut if international agr~ement  ):u1"4J)e .. achieved on these proposalf~ there would be improved Â·Â·  Â·.ma~)tetsÂ·.-Â·Â£0-r Â·Australan export.u and Auf.:.tralia wot1ld join "1i t.h -i6therÂ·:'countries :in' adopting t.h{;m. These measnres would help

:regaiierata woxld trade, and worlc.1 economic g1~owth. lt is  .jni;:>;Wf_~p :tp __ '4.-nduatry to take advantage of the Government  1

s Â·

:,i.1rq~t,~.y:.Â·:pac};,age, so t.hat when the world economy does recover  Â·Â·Â·all;;}\,12.stralians wil 1 hi::nefi t from fast.er gJ:owth, more jobs  )iJ,~.)Jt?gher-' in oomes.

---oOo---

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