Australia: Shipbuilders call for new direction

The Australian shipbuilding industry wants the Federal Government to step in and help steer the industry back on course. Tasmanian shipbuilder Robert Clifford is renowned for building catamarans and selling them on the worldwide market.
But he says the industry's taken a double hit with the global financial crisis and strengthening Autsralian dollar leaving buyers hesitant.
"Money being so tight things have come to a stop," he said.
Mr Clifford is calling on Australia's Export Finance and Insurance corporation to help bouy the industry by lending overseas buyers the money for one or two ships a year.
Another major Australian shipbuilder, AUSTAL, is lobbying the corporation to reduce its interest rates to investors.
CEO Bob Browning says something has to give.
"Even 25 to 50 basis points below their normal rates," he said.
In its advice to lenders Export Finance and Insurance corporation says it considers applications based on risk.