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Wednesday, 1 December 1976

Mr Clyde Cameron (HINDMARSH, SOUTH AUSTRALIA) asked the Treasurer, upon notice:

(   1 ) What is the estimated total interest bill paid by Australian citizens and companies in each year since 1970.

(2)   What are the dates and details of changes in the interest rates in the same period, and what did each such change cost or save the Australian public.

Mr Lynch - The answer to the honourable member's question is as follows:

(1)   Estimated gross interest paid and received by Australian citizens and companies since 1970 were:



(2)   There is a multitude of interest rates which affect Australian citizens and companies, and changes in rates are always taking place. Indeed, some very sensitive short-term rates vary from day to day. It is not possible to estimate the effects on interest payments and receipts of changes in interest rates since 1970.

In its monthly Statistical Bulletin the Reserve Bank of Australia publishes details of a wide range of interest rates. Changes to the maximum trading bank overdraft rates provide a broad guide to the general trend in rates since 1 970:


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