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Thursday, 15 March 1973
Page: 601

Mr McMAHON (LOWE, NEW SOUTH WALES) - I ask the Prime Minister whether, relative to the myth of upward revaluation of the Australian currency, he has been informed that the Japan Silk and Textile Exporters Association has directed its Australian agents to increase their prices in Australia by 11.11 per cent with respect not only to future contracts but also to contracts that are already in existence. In the light of this fact does the Prime Minister now reject the myth that if we upvalue the Australian currency we will get reduced prices for imports and that sellers will in fact exploit the market to the maximum limit possible? In the light of this, does he agree that there was an over-kill both in the unilateral revalution in December and in remaining static at 10 per cent when the Americans devalued by 10 per cent? Will he now let us know whether he recognises that a mistake has been made and that this matter should be looked at again?

Mr WHITLAM - The case which the right honourable gentleman mentioned has not been drawn my attention. I thank him for the information and I will seek advice on it. Far from believing that any error was made in the decision that the Government took before Christmas on the value of the Australian dollar, I believe that every subsequent event in the United States of America, Western Europe and Japan has borne out the wisdom of the action which was taken and its timeliness.

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