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Thursday, 4 May 1961

Mr O'CONNOR (DALLEY, NEW SOUTH WALES) - I ask the Treasurer whether the statement is correct that our overseas balances now stand at £328,000,000, and that included in them is a recently negotiated Canadian loan of 20,000,000 dollars. Was this Canadian loan negotiated for the express purpose of including it in our external balances? If this is so, what benefit in the form of capital goods or equipment can Australia derive from this loan? Is it not correct that, in the long term, a financial policy of this kind must adversely affect our economy in that loans such as this only increase our overseas indebtedness?

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