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Tuesday, 6 November 1973

Senator WRIGHT -I ask the Minister representing the Treasurer whether he has noticed that a circular from the Australian Mutual Provident Society has been publicised, advising an increase in rates of interest, up to 9.5 per cent, on advances on policies as from 1 February. Does the Minister realise that this sort of increase in interest rates is going on right through the money market? What purpose does the Treasurer hope to achieve by this insane degree of increase and when will interest rates be reduced to something like a normal level?

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