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Tuesday, 8 November 1977
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Mr UREN (REID, NEW SOUTH WALES) -I direct a question to the Treasurer. I refer him to a statement which he made yesterday regarding borrowings of $200m in New York. Are these borrowings in addition to the $ 1,700m announced by the Acting Treasurer on 27 September, since they were not specifically referred to in that announcement? If so, were the borrowings prompted by the further run down of $7m to $8m in the level of Australia's reserves in the week ending 2 November? Why has the Treasurer found it necessary to devalue the dollar by 1.2 per cent since the Acting Treasurer announced the borrowing of $ 1,700m on 27 September? Does this mean that the Government is following a policy of devaluing the Australian dollar as well as, in the words of the Prime Minister last year, a policy 'of putting Australia into hock*?

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