Pye seeks protection from imports

Press, Volume CXVI, Issue 34119, 3 April 1976, Page 18

Pye seeks protection from imports

(New Zealand Press Association—Copyright) SYDNEY. Pye Industries, Ltd, expects that its net profit for the current calendar year will be considerably less than the sAust3.4m earned last year.

The policies of the previous Government, and those of the new Government, will

[cause this, the directors say in the annual report. Government action is necessary to protect local industry from the effects of imports, and this is particularly so with colour television, they say. In 1975 imported receivers accounted for 59 per cent .of ■ colour television sets entering Australian homes. Demand last year for i colour sets exceeded even the most optimistic estimates, [and demand exceeded supply ifor most of the period. Howlever, the situation has now (changed. There were now high (stocks of unsold imported I receivers, and the Australian ;local manufacturing industry I will come under an increasing attack from imports this I year. All local manufacturers (will experience a most diffiIcult trading period, the re-; port says. This year the electronics industry will suffer the full impact of the previous Government’s policy of drastically reducing protection for colour television sets.

Last year Pye increased its workforce by 293 people, or ;17 per cent, mainly in the [local production and servicing of colour television sets.

I This increased staff level Imay not be maintained in the [future unless Government I protection is forthcoming. Other Pye divisions in the non-consumer electronic field are also facing intense competition from imports. There has been little tangible support given by the coalition Government al-: though it has clearly expressed its concern over the decline in Australian manufacturing industry. Profits, although expected to be considerably less than in 1975, will be sufficient to maintain Pye’s annual dividend at the recently increased rate of 16 per” cent, the directors say.