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Wednesday, 23 November 1960

Mr HAROLD HOLT - I would say that the effect of the Government's measures on a householder of the description given by the honorable gentleman would be favorable, if our measures have the result that we desire. First, there should be a stabilizing effect upon the cost of living generally and secondly, as far as interest rates charged on loans for home purchase are concerned, the directive which the Government requested the Reserve Bank to issue would have the effect of holding down interest rates to this class of borrower. Co-operative housing societies, for example, were included in the list of those whose advances were to be continued at the preferred rate.

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