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Friday, 3 December 1976

Mr LYNCH (FLINDERS, VICTORIA) (Treasurer) - The basis of the exchange rate has been set out by me in both the Press statement that was released last Sunday night and the statement that was made in the House. In shorthand terms, in response to the honourable gentleman, I can say that under the new pattern of management of the exchange rate a trade weighted average rate will continue to be computed daily on the same basis as previously, but the exchange rate no longer will be necessarily pegged on a fixed relationship to the basket of currencies. Instead, as I have made clear before, it will be kept under review and varied as appropriate in the context of the overall management of the economy. The advantages of the new system have been spelt out in some detail. It is not for me to speculate as to what may be the future movements of the exchange rate; I simply reaffirm the basis upon which those decisions will be taken.

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