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Thursday, 27 April 1961

Mr HAROLD HOLT - Undoubtedly, the action taken by the Commonwealth Government has had a direct effect in steadying a decline in our overseas reserves and, over recent months, in contributing to an improvement in the total reserves at the end of the March quarter in comparison with the figure at the end of the December quarter. The figures over more recent weeks have shown a continuation of that trend. Such evidence as is available to me suggests that the level of imports should be appreciably lower in the months immediately ahead. At the end of question time I shall, if the House gives me leave to do so, make a full statement regarding further action that the Government has taken to fortify the position of these reserves, principally as a precautionary measure and to enable the Government to go steadily forward with its current policies.

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