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Wednesday, 8 December 1976

Mr ARMITAGE (CHIFLEY, NEW SOUTH WALES) - I direct my question to the Treasurer. Does the revaluation of yesterday suggest that under the new currency arrangements very frequent changes will occur in Australia's exchange rate? Will this unsettle business confidence and create surges of speculative hot money flowing in and out of our reserves? Would it not be better to manage the destabilising capital flows through regulations such as the variable deposit ratio scheme and other banking controls rather than by such confusing exchange rate changes?

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