Australia Faces Prolonged Slump Amid High Tariffs
A Melbourne correspondent reports Australia’s economy shows chronic malaise as inflation reaches 13 percent. Manufacturing is stagnant due to high tariffs and inefficiency, with productivity lagging Britain. Heavy industry is fragmented, car manufacturing numerous, and the labour movement divided. Mining growth remains minimal since 1972.
MENTIONED IN THIS ARTICLE
New York
New York Times
Melbourne
Australia
Britain
United States
Mmaker
Brituin
Imason
Unis
Exports in April Hit Record Level for Australia
Australia posted an April export value of 1.009 billion dollars, a 9.3 percent drop from March’s 977 million. Imports rose 5 percent from March. The April export surplus reached 119 million, contributing to a 10 month cumulative excess of 31.068 billion.
MENTIONED IN THIS ARTICLE
SABO
Apri
NZ extends wages freeze for three months
Wellington New Zealand Prime Minister Muldoon announced a three month extension of the wage freeze covering wages professional charges dividends rents and more. Labor leaders criticized the move saying it delays wage talks and risks ongoing inflation while the government plans wage fixing negotiations in October. The extension shifts salary increases for public servants and other groups from May 14 to August 14, delaying the expected rise.
MENTIONED IN THIS ARTICLE
Wellington
Prine Minster
Muldoon
Freeve
Shedone Fen
Federation of Labor
Tom Skinner
Ir Tom
The
Public Service Association
Barry Tucker
Inide
Puble Sere Vam
Canberra development authority hits oversubscribed loan
Canberra Commercial Development Authority chairman Jim Pend announced the first public cash loan for 12.75 million closed oversubscribed. Underwriting was 10 million with Bain and Company providing 2.75 million. total borrowings for 1976-77 reached 22.5 million to fund part of a new shopping centre in Botannem.
MENTIONED IN THIS ARTICLE
Canberra Commercial Development Authority
Jim Pend
Pend
Lown Council
Bain and Company
Pead
Calberra
Botcannen
Recovery in retail sales amid March rise noted
March retail sales reached about 1.76 billion dollars, a 2 percent advance from February, seasonally adjusted. Three month to March showed a 14 percent gain versus December, and year over year sales were up 16 percent. February notes stood at 1.58 billion, with a strong January prior.
MENTIONED IN THIS ARTICLE
Bureau of Statistics
Nps
Electrical price rises in April per Bureau figures
Electric goods show an 16 percent rise overall in April with conductors up 4 percent and insulators 9 percent. Switchboard and switchgear materials advance 32 percent as Bureau of Statistics data outlines the cost increases.
MENTIONED IN THIS ARTICLE
Bureau of Statistics
Uoceasories
Dow Chemicals in the Red Amid Australian Downturn
Dow Chemicals reports a loss for the year as the Australian dollar devaluation deepens red ink. Operating profit before tax and extraordinary items stood at 32.1 million, down from 338,000 previously, with foreign exchange losses and higher interest and depreciation shaping a 411,000 tax loss versus a 134,000 profit in 1973. Chairman DL Stoker warned that traditons should improve in the coming period if business activity recovers, noting results exclude extraordinary items and that rates and loans impacted the year’s figures with a balance of 69 million in bank and 4.9 million in short-term loans. The company targets dividends of 900,000 and references to a German parent are noted.
MENTIONED IN THIS ARTICLE
Direcor
DL. Stoker
Balancnda
Mercantile Credits unveils new fixed rate offer
Sydney based Mercantile Credits Ltd introduces a five year fixed rate money market issue of 520 million with rates at 12.75 percent, plus 0-5 percent adjustments to 12.35 percent for the term. Short term notes hold 10.5 to 12 percent, while longer 2 to 4 year notes rise 6.25 to 12.5 percent. Directors say funds finance group liquorances and general business. Devaluation in November led to use of 3.08 million in debentures as security for borrowings. Consolidated operating profit jumps 20.8 percent to 51.84 million on revenue up from 17.4 million to 5207 million.
MENTIONED IN THIS ARTICLE
Venters
Nomorrow
Avernean
Inez
Russians undercut shipping trade threat to Pacific carriers
In Christchurch the Australian Committee of Transport chairman Mr R D Robin warned that Soviet competition could force weaker Pacific carriers from business if governments fail to curb undercutting and uncommercial practices. He urged new laws to counter the expansion of Soviet shipping influence.
MENTIONED IN THIS ARTICLE
Christchurch
Australian Committee of Transport
R_D_ Robin
Pacific
Rabin
Threat to rural future warned by Sydney professor
Professor Keith Campbell of Sydney University warns the Federal Government’s failure to curb inflation jeopardizes the rural sector. In a study for the Committee for Economic Development of Australia he cites neglect of export industries, reduced prospects, and weakening investment and competitiveness.
MENTIONED IN THIS ARTICLE
Ariculture Economics
Sydney University
Keith Campbell
Campbell
Committee For Economic Development of Australia
Esport Industries
New Shipping Service Connects Eight Ports Across Regions
A London announced shipping service links eight ports in Australia and New Zealand with Hong Kong and Singapore. Gold Star Lines will operate two container vessels calling fortnightly at Melbourne and Sydney. Transshipment facilities are planned with calls from Brisbane, Adelaide, and Fremantle.
MENTIONED IN THIS ARTICLE
London
Austeria
New Zealand
Hong Kong
Sunpore
Singapore
Gold Star Lines
Gold
Melbourne
Sydney
Bribane
Adelaide
Fremantle
Also Mentioned on This Page
Bureau of Statics
Dev
Seman
Sonia
Ln Fk
Alemon
Dary
Hamner
Marie
Adams
Age Sim Yoo
Yruhd T
Amon
New Famed
Ogy
Od Fame
Amos Fe
Comb von Ip Noa
Tag
Porn
Timind
Tyes
Cine
Perise
Willer
Winans
Wein
APM
RSW
Tasmania
Jose Amie
Atone
Thera
Dian Sunrise
Monat
Marcy Rom Sam
Jonnie
Ants Esi Ovsin
alhCiin
HaSom
Theda
Canberra
Tata Averays Saausl
Rainor
Sydney Rine Sale Ain
Somme
Mettourne
Dow Chemicals
Bs Saari
Austratia
Bayer Profit
Metnehite
Bayer
Aurtrafia
SLA
Mercantile Credits
Mercantile Credits Ltd
New Shipping Service
Child Endowment
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