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Wednesday, 24 October 1973
Page: 2579


Mr LYNCH (FLINDERS, VICTORIA) - My question is directed to the Treasurer. Is the Minister aware that the loan raisings for the latest Commonwealth loan are 19 per cent lower than for the November, 1972 loan and 30 per cent lower than for the July loan this year? Is it true that the November loans over the last 2 financial years have raised more than the first loan in each of those years? If the Minister agrees that these are the facts, how does he reconcile them with his statements to the Press that the latest loan raising represents a significant contribution towards the Government's objec tive of reducing excess liquidity in the economy? Do the results of the latest loan imply that interest rates will be further increased by the Government.


Mr CREAN (MELBOURNE PORTS, VICTORIA) (Treasurer) - I am afraid that the Deputy Leader of the Opposition is falling for the same selective use of facts as does the Leader of the Opposition. The recent loan was the second highest ever recorded for that particular time. It was not as high as the loan in October last year. On the other hand, the loan raised in July this year was the biggest ever in Australia. The interesting thing about the loan - I suggested to the former Prime Minister that he should wait until the loan was over before he asked a question - was that the major part of it was taken out at the long end, not the short end. In my view that indicates satisfaction with the rates. I would say hopefully that the rates have peaked.







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