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Newspaper
Canberra Times
Location
Canberra, Australian Capital Territory, Australia
Date
Jul 22, 1968
Page
13
The year 1967 68 saw severe drought in the south east striking rural production, currency devaluations affecting exports, and international monetary strains. Domestic costs rose while private spending accelerated, public spending grew faster than private though the gap narrowed, and consumer expenditure rose with higher employment and earnings. Non farm GDP rose 9.2 percent in the first three quarters.
The report notes a 5.2 percent GNP growth in early 1967-68 with unemployment near 70,000 and stable rates. Wages rose about 6 percent, productivity around 0 to 2 percent, risking higher prices if wage growth outpaces productivity. Mining and quarrying rise, while non primary industries determine 1968-69 output. Labor growth will mainly drive output while overtime remains high.
The 1967 68 balance showed a roughly 100 million surplus while current account deficit exceeded 1,000 million. Net capital inflow topped 1,100 million with IMF gold tranche use lifting holdings to about 1,350 million. Outlook expects export gains, modest import rise, and a narrower current account deficit but uncertain capital flows and reserve positions.
A survey of world and Australian economic prospects notes that after a 1966-67 downturn main industrial economies should grow in 1968-69, though at a slower pace. Domestic demand remains buoyant with public spending rising, investment expanding, and a likely rise in plant, machinery, and rural demand as drought ends, while overseas capital inflows will underpin sustained growth and cover the output gap.
Negotiations between the Western Australian Government and Hamersley Iron point to an August agreement outlining commitments for Hanwright iron ore developments. The parcels near Paraburdoo and northeast of Tom Price would be developed separately with rail links to Dampier and potential port considerations at Cape Lambert. Named parties include Lang Hancock and Sir B A Wright with WA Minister for Industrial Development Mr Court.
Tasmanian poet Gwen Harwood discusses how music fuels her poetry while revealing daily routines, lecturing in Hobart, and outlining Australian poetry's ferment and isolation. The article notes government and industry plans around the Cape Lambert and Robe River project, Hammersley Iron's $32 million study, processing commitments for Hanwright areas, and expansion of Dampier port facilities.
The docket shows Ryan v Ryan before Mr Justice Pax in the 10am sitting at the ACT Law Courts. Proceedings start in courtroom one as listed today.
Deviner artist Mr Roy Beattyman sold 35 of his 50 pen drawings and water colours for about 1100 during a weekend exhibition at the Canberra Theatre Centre Gallery. It was his second exhibition in a year, with favourable comments and strong public response. His black and white Sydney Rocks drawings will be followed by a Canberra themed show. A quarter of the proceeds will support Dr Barnardo Homes in Canberra.
Dr H. C. Coombs 62, longtime Reserve Bank governor since 1949, will retire today to become chairman of the new Council for Aboriginal Affairs. Treasurer Mec Mahon announced yesterday he will be succeeded by J. G. Phillips as governor, with H. M. Knight replacing Phillips as deputy governor.
Melbourne reports a prisoner named Keith Mulholm, 31, escaped from Pentridge Gaol G Division yesterday afternoon. He was captured by police in Coerck, four miles from the prison, 55 minutes after the breakout. Officers warned he may be dangerous due to recent medical treatments. Mulholm, serving four years for larceny, was arrested without a struggle and is due to appear in court on July 29.
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