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Tuesday, 11 April 1961

Mr HAROLD HOLT - The advance policy announced by the Governor of the Reserve Bank of Australia in November last still applies. This policy calls for continuing restraint in trading bank lending, especially in relation to the financing of imports and the more speculative forms of business activity, while catering for the essential requirements of primary and other export producers, and for housing. In the present quarter of the financial year, there is normally an increase in outstanding advances because of seasonal factors. It was with this in mind that the banks were asked in November last to achieve a substantial reduction in outstanding advances by the end of the March quarter - that is, during the period when seasonal factors normally operate to cause some decline in outstanding advances.

Mr Daly - I rise to a point of order, Mr. Speaker. I point out that this is the time for questions without notice. The honorable member for Wannon has asked a question and now we are having a prepared reply read by the Treasurer. 1 ask, first, whether it is in order for the Treasurer to do this and, secondly, if it is, will you ask him to make statements on these matters later instead of making propaganda speeches during question time.

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