Foreign investors in Australia were warned on Wednesday (1 August) by Prime Minister Gough Whitlam that Australia was going to take strong measures to take greater control of industrial and resource development.
GV Tilt down exterior Un building and flags (2 Shots).
SV Whitlam arriving as newsmen look on (2 Shots)
SV & LV Delegates seated as Whitlam begins address.
CU Whitlam speaking SOF in:
MR. WHITLAM: "Its just a fact of life to recognize that Australia will become a significant element in the resource strategies of importing countries, particularly the U.S. and Japan. We would be foolish indeed, and other country would regard us as foolish, if we didn't take full account of the facts. We are going to develop, therefore, a resources policy. That doesn't mean we are going to play off one buyer against another or one seller against another. That's are the Australian vay. We do intend, however, to base our resources policy an five considerations. We must ensure that Australia's own future ever needs and industrial requirements are met. We shall take full account of the ??? of mining on the rights of our aboriginal peoples in their traditional ???...or what's left of them...under which so much new wealth lies. We have to enlarge, we want to enlarge, opportunities for Australians to share in the ownership and development of Australian mineral resources. We shall encourage more processing of minerals in Australia. And finally, we will try to ensure that our resources command a fair price in the world markets."
This film includes and except from Mr. Whitlam's address, a transcript of which is included below:
Script is copyright Reuters Limited. All rights reserved
Background: Foreign investors in Australia were warned on Wednesday (1 August) by Prime Minister Gough Whitlam that Australia was going to take strong measures to take greater control of industrial and resource development.
Mr. Whitlam told the American-Australian Association lunch at the United Nations that Australia wanted a better share of the returns on its ??? resources.
He said Australia recognized the major contribution made by foreign investment, but felt a need for a serious re-appraisal of the role of foreign ownership, and particularly with a view to increasing native Australian ??? and control of industry.
Members of the American Australian Association gathered at the United Nations building in New York on Wednesday for a luncheon address by visiting Australian Prime Minister Gough Whitlam. Mr. Whiltam was winding up an official visit to the United states, and took the opportunity to outline the new attitude his country is taking towards foreign investment and resource development.