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Thursday, 20 May 1965


Senator HENTY - The Government is fully aware of the reduction of some £170 million in our overseas reserves. I think we should keep in mind and in proper perspective the fact that our overseas reserves were at an all time record when the decline commenced. The position is under careful scrutiny. Only last night I introduced into the Senate a bill by which an additional 100 million dollars will be added to our second line reserves in the International Monetary Fund. This will make an additional 25 million dollars available for us to draw upon. There is no need for panic at this stage. Over the years Australia has been subject to a series of fluctuations in wool prices which make such a great difference to our export income, but that condition arises only seasonally. I can assure the honorable senator that the Government is not as concerned about the position at this stage as he appears to be. I see no reason for panic. The Government is keeping the matter well in hand.







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