In his address, Mr Fraser proposed that no country can be entirely self-sufficient when it comes to defence equipment, primarily because of not having all the technology and economic strength to produce everything the defence force would need, and highlighted the role of the defence sector in spurring technological progress, noting however that research and development was costly. Mr Fraser concluded that Australia should specialise in defence areas where we have strengths and where we could become market leaders.
Forum held on 26 February, 1971
Speaker: The Honourable J.M. Fraser, M.P., Minister for Defence
Chairman: Mr A.G. Moyes, Managing Director, I.B.M. Australia Limited
Commentator: Professor J.W. Nevile, Professor of Economics, University of New South Wales
Read the Honourable Malcolm Fraser's address on Defence spending and the economy