Fraser Government 'will not bury Campbell report’

Press, 4 December 1981, Page 10

Fraser Government 'will not bury Campbell report’

PA Canberra The Australian Government gave its first positive commitment yesterday to implement “in significant measure" the recommendations of the Campbell inquiry into Australia's financial system. The Minister of Industry and Commerce (Sir Phillip Lynch) said: “Contrary to the views of many cynics in our community, it is not our intention to bury the Campbell report. “I believe that, given time, and the need for a thorough appreciation of its recommendations, the report will be implemented in significant measure,” he told the Royal Commonwealth Society in-Sydney. He said that the report “should not be the subject of

knee jerk reactions from any part of the Australian community.” Unlike the Labour Party, the Fraser Government had not made up its mind on the committee’s recommendations “on the basis of a few days examination.” “Our approach will be one of rationalism and steadiness. Decisions to be taken in 1981-82 will be crucial milestones in the Government’s programme of restoring a basis for rapid growth with all this entails for our living standards,” Sir Phillip said. The Minister also called for government policies which "ensure that Melbourne and Sydney become international financial centres along with Hong Kong, Singapore- and San Francisco for the Pacific Basin and the international community.

“If we don't they will be left behind." He said, collectively, the decisions the Government would be making on the Campbell report “will build on a framework that will constitute the clearest expression of our philosophy of strengthening the market system and private enterprise. “They will bring about the full restoration of an economic environment w r hich encourages investment, and which is supportive of innovation.” They would reinforce the Government’s strategy of ensuring that industries had adequate resources and sufficient incentive to undertake “the development so necessary for this country’s future prosperity."