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Thursday, 25 October 1973

Senator CARRICK - My question is directed to the Minister representing the Treasurer. I refer to the action of the Federal Government in substantially increasing the general overdraft interest rate to a record level with consequent sharp increases in all interest rates including home purchase and hire purchase rates. Is the Minister aware that an average family paying off a home or acquiring a motor vehicle and one major domestic appliance on hire purchase is now faced with an increased monthly interest payment of between $30 and $40, a huge drain on family purchasing power and a savage increase in inflation? In view of the utter failure of the Government's higher interest rates policy, will the Government undertake an urgent review in order to bring early relief to all families committed by government action to such serious hardships in both home purchase and hire purchase?

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