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Thursday, 9 December 1976

Mr HURFORD (ADELAIDE, SOUTH AUSTRALIA) -Has the Treasurer noted the report from the latest edition of the London Economist to the effect that Australia's devaluation was not justified on balance of payments grounds, will worsen a dangerously unmanageable inflation rate and could spark off a rash of competitive devaluations and/or trade restrictions by our trading partners? Have these criticisms by a conservative economic journal of world repute caused him to doubt the wisdom of indulging in such an enormous devaluation? If not, can he say whether the prospect of retaliatory action by our trading partners is one that he views with equanimity?

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