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Tuesday, 7 December 1976

Mr HURFORD (ADELAIDE, SOUTH AUSTRALIA) - I ask the Treasurer: Is it a fact that $ 1,000m flowed back into this country during the S working days of last week since devaluation, these funds inevitably being speculative funds? With the multiplier effect of inflows into the banking system being up to five-fold, with no changes to statutory reserve deposits, does this not mean an increase in the volume of money of up to $5,000m last week? Does this explain the 2 per cent up-valuation announced today? May we expect variations to our currency values each time there is a major inflow or outflow? How are the changes to our currency being calculated? Is the old basket being maintained? Will the Treasurer help to overcome the terrible uncertainty about these currency matters which pervades the community?

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