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Thursday, 18 November 1976
Page: 2845

Mr CREAN (MELBOURNE PORTS, VICTORIA) - My question is addressed to the Treasurer. I believe that the Treasurer is long past those days when he used to multiply monthly figures by twelve or quarterly figures by four to get horrendous annual results. I think he has now learnt to compare like with like.

Mr SPEAKER -Order! The honourable gentleman will ask his question and not make a commentary on the Treasurer's mathematics.

Mr CREAN - I wish to draw the Treasurer's attention to some figures in the September issue of the Reserve Bank's Statistical Bulletin. The Statistical Bulletin contains an index which relates the Budget deficit at the end of August to trading bank deposits at the end of May. It is a guide to M3, the volume of money. It shows that for 1976 the ratio is the highest on record. I simply ask: Does this not show that he is being no more successful in controlling M3 than those whom he traduced in the past?

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