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Wednesday, 23 November 1960

Mr BRYANT (WILLS, VICTORIA) - I address my question to the Treasurer. The last statistical bulletin of the Reserve Bank of Australia shows the advances of the private trading banks as standing at more than £1,000,000,000. At an increase in interest rates averaging onehalf of 1 per cent., will the banks receive on these advances an additional profit of at least £5,000,000 in the next year? If this is so, how can the Minister justify a policy which, although designed ostensibly to ensure stability of the economy, imposes sacrifices on home-owners, small businessmen and other borrowers and allows the private trading banks to make extravagant profits?

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