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Wednesday, 16 February 1977

Mr LYNCH -I welcome the support of the honourable gentleman on this and other occasions. I agree with the general thrust of his comment. Reserves as at the end of January 1977, according to the latest report of the Reserve Bank, which of course is a matter of public record, were standing at $3, 174m. The figures quoted by the honourable gentleman indicate the success of the management of the capital flow policy which I announced some time ago. It has been successful in limiting the amount of capital flow while preserving an inflow of capital for essential purposes, particularly in the manufacturing and mining areas. That general policy, while seeking to preserve the inflow of capital for that purpose, was not such as to be accommodating to a higher rate of monetary growth which would allow the inducement of a further level of inflation.

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