Canberra, 22 February 1968
Confidential
I have reminded you ad nauseam of the Australians’ anxiety about the future of British investment in Australia. They are now worried not only that the voluntary programme may be continued but also that restraints may be imposed on portfolio investment here.
2. Whatever may be decided on these two matters, I am sure that you will be bearing in mind the need—more pressing than ever in the present state of our relationship—to give the Australian authorities the longest possible advance warning of what is intended—perhaps in a personal message from the Chancellor to the Treasurer.
[UKNA: T 295/384]