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Newspaper
Canberra Times
Location
Canberra, Australian Capital Territory, Australia
Date
Jan 28, 1963
Page
2
The Minister for Primary Industry Mr Adermann notes ongoing gains in production and healthier wool prices as farm income rises this year. Rural exports are projected to remain about 80 percent of total exports for the foreseeable future to support the national economy.
The report notes record wheat and sugar crops, strong dairy runs, and a robust wool outlook amid rains. Wool prices steady, meat exports up, dairy quotas amid UK market access. Government to back 1961 62 export returns while Britain joins talks on the European Community, aiming to safeguard interests and expand markets.
Australia reports new markets for dairy produce meat and grain in Japan and a live sheep trade to the Persian Gulf. Commonwealth and state governments plus CSIRO fund development projects totaling millions to boost wool dairying beef and irrigation schemes, aiming for export growth in 1963 with ongoing rural industry promotion overseas and at home.
Australia harnessed large capital inflows via stock exchanges to fuel postwar industrial expansion. New money raised climbed from £146 million in 1962 to £275 million in creditor capital, with total new money peaking around 80 percent creditor financing in 1960. Debentures and fixed-interest securities attracted lenders seeking priority in windups, aiding investor appeal despite recent risks.
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