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Wednesday, 15 March 1961

Mr Ward d asked the Treasurer, upon notice -

1.   Was the Commonwealth Reserve Bank consulted, before the decision to lift import restrictions became effective about twelve months ago, as to the effect this action would have on Australia's overseas financial reserves?

2.   If so, what advice was given by the Reserve Bank?

Mr Harold Holt - The honorable member is well aware that the Government of the Commonwealth of Australia, in regard to matters within its own competence, makes its own decisions. The advice tendered to it, whether sought or unsought, whether in its view good or bad, is not necessarily made public. The Government must always, and in this instance specifically does, take full responsibility for its own decisions.

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