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Thursday, 9 December 1976
Page: 3720

Mr Uren asked the Minister for Primary Industry, upon notice:

(   1 ) Did he state, during the weekend of 4 and 5 December 1976, that the Reserve Bank had been instructed to insulate the rural sector from any interest rate rises flowing from the devaluation of 17½ per cent.

(2)   Have interest rates risen as a result of the devaluation of 17½ per cent, if so, by how much.

(3)   If the Reserve Bank is operating to insulate the rural sector from interest rate rises, what is the estimated cost of this concession over a full year.

(4)   If bank interest rates have not risen, what sources of rural credit controlled by Reserve Bank operations was he referring to.

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

(   1 ) The position referred to is identical to that mentioned by the Prime Minister in his answer to the Member for Kalgoorlie on page 2680 of Hansard.

(2)   See Treasurer's Press Statement (No. 220) released on 2 December 1976.

(   3 ) In the light of ( 1 ) and ( 2 ), this matter has not arisen.

(4)   See(1).

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