8 June 1995

AMP SOFTWARE SALE TO SOUTH AFRICA

Announcing the sale by AMP of an insurance software package to a major South African company, the Minister for Trade, Senator Bob McMullan, said today the deal was indicative of Australia's continuing success as a services exporter.

Senator McMullan said AMP's sale of its software package, ULTIMAAS, to South Africa's largest life insurance office, Old Mutual, also showed how export success in one sector leads to export success for another sector.

"AMP's excellence in insurance has led to a spin-off for information technology," Senator McMullan said.

"AMP competed successfully against international competition to win the Old Mutual business, and completed its first major sale of the ULTIMAAS superannuation software.

"The sale will enable Australian developed and owned technology to be used in the establishment of industry superannuation in South Africa.

"By using the Australian software, the South African system will develop along similar lines to ours, opening up further opportunities for industry cooperation in the future.

"Exports of computer software and licence fees is one of Australia's hidden success stories.

"Australia has moved from deficit to surplus in this sector over the last five years, with strong export growth of over 60 per cent taking the total value of trade to nearly $400 million in 1993/94.

"The AMP sale is further evidence that the services sector is growing rapidly as a major export earner for Australia.

"The Government will continue its support for Australia's service industries through the General Agreement on Trade in Services (GATS), with current GATS negotiations on financial services under the World Trade Organisation due to end on 30 June."

"These negotiations should lead to greater international opportunities for competitive and innovative firms such as AMP," Senator McMullan said.

Further information: Senator McMullan's office: John Flannery, (06) 277 7420

DFAT: Maria Martin, (06) 261 3529