24:
173:
proposing that his original IDC proposal be revived. Gorton, an economic nationalist like McEwen, agreed to his suggestion and the pair put forward a joint cabinet proposal in
January 1970 for an IDC that would borrow funds overseas and on-lend them to companies in the resources and manufacturing
174:
industries. It was distinguished from the RDB in that it would not be solely a lending institution but would take equity stakes and become an active investor in projects. Cabinet approved the proposal only after several weeks of debate, with a number of ministers regarding it as "socialistic".
192:
operation". It reported gross profit of $ 10.4 million for the previous year (equivalent to $ 55.3 million in 2022) and total assets of $ 403.6 million (equivalent to $ 2.1 billion in 2022). However, in 1980 a House of
Representatives committee led by Liberal MP
259:
partially privatised the AIDC, with its loan and investment operations spun off into AIDC Ltd, a publicly listed company. The initial public offer was for 19 percent of the new entity, with the AIDC holding the remaining share capital. In 1993, the
150:, believed that Australia's existing banks had failed to properly support the resources sector, forcing companies to turn to overseas lenders and ultimately leading to foreign control over Australia's natural resources. McEwen and his protectionist
446:
224:. In 1986, the AIDC was Australia's 19th-largest financial institution, with gross assets of $ 2.5 billion (equivalent to $ 7.4 billion in 2022), and the seventh-largest government-owned institution after the
595:
243:
in 1992. In the following year, the company reportedly had "significant exposure to the commercial property sector" and had lost significant sums from the failure of investments, including
600:
200:
In the early 1980s the AIDC reportedly played a "leading role" in securing funding for the $ 1.1 billion (equivalent to $ 4.9 billion in 2022) expansion of the
188:
reported that the AIDC had "drifted away from its original concept, which was to replace overseas equity capital with loan capital, and towards becoming yet another
236:
stock crash of 1987, the AIDC was left with a number of bad loans, but unlike traditional banks had no buffer of household mortgages to fall back on.
151:
605:
610:
138:
put forward a cabinet proposal for a state-owned
Industry Development Corporation (IDC) that would provide financial support for
576:
247:-based property developers Tower Corp and Dayton group, plastics group Sabco and hardware retailer McEwans Holdings.
288:
272:
537:
225:
111:
474:
217:
197:
found that the AIDC had lost $ 25 million (equivalent to $ 133 million in 2022) between 1970 and 1979.
423:
205:
194:
201:
23:
61:
79:
51:
418:
268:
83:
284:
155:
143:
8:
233:
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95:
519:
501:
394:
376:
356:
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184:
115:
572:
276:
147:
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87:
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allowed for the sale of AIDC Ltd and the winding-up of its parent entity, with the
256:
189:
103:
158:, with cabinet eventually approving a competing proposal put forward by treasurer
159:
131:
99:
361:
589:
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introducing a successful amendment to require that the AIDC's stake in the
300:
229:
170:
166:
135:
91:
239:
AIDC Ltd obtained a 10 percent stake in telecommunications provider
264:
announced it would sell down the government's stake to 51 percent.
596:
Companies formerly listed on the
Australian Securities Exchange
221:
271:
committed to the full privatisation of the AIDC prior to the
244:
240:
213:
601:
209:
114:(ASX), and its assets were progressively sold down by the
98:. The corporation later functioned as more of a general
162:
for a smaller-scale
Resources Development Bank (RDB).
154:
came into conflict with the more economically liberal
337:
325:
313:
86:
for most of its existence. It was established by the
106:in 1989. Most of its operations were spun off into
90:in 1971 as a pet project of deputy prime minister
587:
447:"Big Business in Twentieth-Century Australia"
444:
377:"Committee slams 'poor performance' of AIDC"
72:Australian Industry Development Corporation
17:Australian Industry Development Corporation
469:
467:
412:
410:
408:
94:, tasked with helping develop Australia's
22:
416:
566:
464:
405:
343:
331:
319:
588:
502:"AIDC shares pays interim 6c dividend"
499:
454:ANU Source Papers in Economic History
445:Ville, Simon; Merrett, David (2016).
102:and was partially privatised by the
13:
538:"Senate go-ahead for sale of AIDC"
220:, and the Kewarra Beach Resort in
165:In February 1969, McEwen wrote to
14:
622:
606:Investment companies of Australia
417:Stretton, Rowena (8 March 1996).
611:1970 establishments in Australia
475:"Which way is the AIDC heading?"
357:"AIDC nearly doubles its profit"
289:Australian Submarine Corporation
250:
152:Department of Trade and Industry
78:) was an investment company and
530:
520:"AIDC set for solid first year"
512:
500:Davis, Ian (23 February 1990).
493:
291:be retained by the government.
569:John Gorton: He Did It His Way
438:
387:
369:
349:
226:Commonwealth Bank of Australia
140:Australia's resources industry
134:, trade and industry minister
112:Australian Securities Exchange
1:
306:
218:Kurri Kurri aluminium smelter
208:'s box manufacturing company
204:. It also acquired stakes in
177:
7:
542:Australian Financial Review
479:Australian Financial Review
424:Australian Financial Review
395:"AIDC now has Perth office"
294:
230:New South Wales State Super
125:
10:
627:
560:
57:
45:
30:
21:
228:, four state banks, and
202:North West Shelf Venture
62:Government of Australia
110:, which listed on the
80:state-owned enterprise
52:State-owned enterprise
567:Hancock, Ian (2002).
273:1996 federal election
84:Australian Government
285:Australian Democrats
144:economic nationalist
130:In 1967, during the
401:. 12 February 1981.
156:Treasury Department
82:fully owned by the
18:
524:The Canberra Times
506:The Canberra Times
399:The Canberra Times
383:. 27 January 1980.
381:The Canberra Times
365:. 11 October 1979.
262:Keating government
185:The Canberra Times
120:Howard governments
96:resources industry
49:Investment company
16:
419:"Inside the AIDC"
277:Howard government
255:In mid-1989, the
232:. Following the
148:foreign ownership
88:Gorton government
68:
67:
64:(100% until 1989)
618:
582:
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385:
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367:
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329:
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257:Hawke government
190:merchant banking
146:concerned about
104:Hawke government
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39:
26:
19:
15:
626:
625:
621:
620:
619:
617:
616:
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586:
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579:
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558:
557:
547:
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536:
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531:
526:. 30 June 1990.
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449:
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253:
180:
160:William McMahon
132:Holt government
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100:investment bank
50:
37:
35:
12:
11:
5:
624:
614:
613:
608:
603:
598:
584:
583:
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492:
481:. 5 March 1993
463:
437:
404:
386:
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362:Canberra Times
348:
346:, p. 268.
336:
334:, p. 267.
324:
322:, p. 266.
311:
310:
308:
305:
304:
303:
296:
293:
252:
249:
179:
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127:
124:
122:in the 1990s.
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55:
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43:
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32:
28:
27:
9:
6:
4:
3:
2:
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578:0-7336-1439-6
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544:. 27 May 1997
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292:
290:
286:
282:
281:AIDC Act 1997
278:
274:
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265:
263:
258:
251:Privatisation
248:
246:
242:
237:
235:
231:
227:
223:
219:
215:
211:
207:
206:Richard Pratt
203:
198:
196:
191:
187:
186:
175:
172:
169:'s successor
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163:
161:
157:
153:
149:
145:
142:. McEwen, an
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29:
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568:
546:. Retrieved
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483:. Retrieved
478:
457:
453:
440:
428:. Retrieved
422:
398:
389:
380:
371:
360:
351:
344:Hancock 2002
339:
332:Hancock 2002
327:
320:Hancock 2002
315:
280:
266:
254:
238:
234:Black Monday
199:
195:Kevin Cairns
183:
181:
164:
129:
107:
75:
71:
69:
301:Future Fund
171:John Gorton
167:Harold Holt
136:John McEwen
92:John McEwen
590:Categories
571:. Hodder.
307:References
178:Operations
269:Coalition
182:In 1979,
31:Formation
548:19 March
485:19 March
430:19 March
295:See also
126:Creation
108:AIDC Ltd
561:Sources
116:Keating
36: (
575:
275:. The
222:Cairns
460:: 31.
450:(PDF)
245:Perth
241:Optus
214:Alcan
58:Owner
573:ISBN
550:2023
487:2023
432:2023
267:The
210:Visy
118:and
76:AIDC
70:The
46:Type
38:1970
34:1970
279:'s
216:'s
592::
540:.
522:.
504:.
477:.
466:^
458:21
456:.
452:.
421:.
407:^
397:.
379:.
359:.
212:,
581:.
552:.
508:.
489:.
434:.
74:(
40:)
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