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Breaking of 20% interest rate barrier highlights need for urgent Government action



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PRESS RELEASEJIM C A R L T O N S W f m O W TOIEASQJIBiEffi

BREAKING OF 20% INTEREST RATE BARRIER HIGHLIGHTS

NEED FOR URGENT GOVERNMENT ACTION

Today's announcement by the National Australia Bank that Its " prime lending interest rate has moved over the 20% barrier to 20.25% dramatises the plight of borrowers under the Hawke Government's mistaken economic policy.

The Government's undue reliance on harsh monetary measures to prop up the Australian dollar is hurting small and large business, farmers and home owners alike. How long will it take the Government to turn to a sensible mix of wages, fiscal and monetary policies to bring

interest rates down and avert a recession? One months favourable employment and balance of payments figures will soon turn into a cruel delusion if there is not a policy change soon.

Or will the ACTU continue to call the shots, as it gears up its campaign of industrial action for union-controlled superannuation schemes in 1986?

With interest rates over 20%, the Government should at least come to its senses. \

SYDNEY 13 December 1985

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