Mr KEATING —I ask the Treasurer a question. Is it a fact that the Treasurer argued with his National Country Party colleagues in the monetary committee of Cabinet that continuing appreciation of the exchange rate is required to keep the money supply in check and to mitigate inflationary pressures in the economy? In the absence of any direct inhibition to capital inflow, such as prohibitions on portfolio share purchasing or the re-introduction of the variable deposit ratio scheme, does the Government intend to continue with its present policy of appreciation of the dollar which, as the Leader of the Opposition has indicated, is damaging the competitiveness of the mineral and agricultural sectors and placing pressures on import competing industries?

Mr HOWARD —I do not propose to comment on the early part of the honourable member's question. I simply repeat what I, the Prime Minister and other Ministers have said in recent months: One of the areas of very great success in the conduct of economic policy by the Government in recent years has been the management of the exchange rate.