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Tuesday, 30 November 1976

Mr SINCLAIR (NEW ENGLAND, NEW SOUTH WALES) (Minister for Primary Industry) - The result of devaluation is, of course, that there has been a change in the relative prices that can be expected to be paid for the Australian wool clip. At the close of trading last week the price overall was 280c a kilogram clean whole clip average, ranging in the degree from the 19 micron to cross-bred carding wools from 308c a kilogram down to 212c a kilogram. This compared with a floor price over the same range of 291c a kilogram down to 124c a kilogram. The Government decided that there should be an adjustment of the floor price to the full degree of the 17'/i per cent devaluation, which means that the new floor price at wool auctions will be 284c per kilogram clean whole clip average. The price relativities for various wool types for the purpose of reserve price support around the average will, of course, be announced by the Australian Wool Corporation. In addition, the Australian Wool Corporation has announced this morning that it will be operating its flexible reserve at prices which will maintain the closing price trends as adjusted by the full amount of devaluation. In this way the full measure of devaluation can be given to the wool market and passed on to the primary producers who so well deserve it.

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