Fed: US technology investment key to economic success: PM

AAP General News (Australia)
08-30-2000
Fed: US technology investment key to economic success: PM

CANBERRA, Aug 30 AAP - The United States has delivered Prime Minister John Howard a
timely message to invest in technology for economic success.

Mr Howard today told scientists he was a fan of US Federal Reserve chief Alan Greenspan
and sought his advice at two meetings since being prime minister.

The clear message was to invest in science and technology.

"I am ... something of a devotee of the speeches of Dr Alan Greenspan," Mr Howard told
scientists when opening the new CSIRO Discovery science and education centre.

"I've had two meetings with him since being prime minister.

"And at both of those I've asked him the very simple question which, along with many
other people, I am desperate to know the answer to, and that is why is it the United States
economy is doing so well."

Dr Greenspan had difficulties answering him.

"But he said, 'I'll have a go, and I think in having a go I have to say that the investment
the United States has made in technology has been one of the main reasons why there has
been so much sustained economic growth in that country'," Mr Howard said.

His comments followed new figures this week showing spending on research and development
had plunged 10 per cent in two years.

Mr Howard also praised CSIRO for its contribution to the nation's economic success,
saying it was a great Australian institution.

AAP lm/mfh/gmw

KEYWORD: RESEARCH HOWARD

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