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Interest rates



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'' % ' '

NO. 121

EMBARGO

STATEMENT BY THE TREASURER, THE HONOURABLE JOHN HOWARD, M.P.

INTEREST RATES

TREASURER

PRESS RELEASE

The Treasurer, Mr Howard, today welcomed the announcement by

the Governor of the Reserve Bank of Australia of the willingness

of banks to further reduce certain interest rates.

He noted that the expected reductions would include a cut of

0.5 per cent in interest rates on many housing loans made by

both savings and trading banks, and also some reductions in

rates payable on certain bank deposits.

The expected reductions in housing loan interest rates would,

when implemented, provide significant assistance to many

thousands of home-owners and potential home-owners, with

beneficial effects on the building industry.

The Treasurer noted that this development could be expected .

to facilitate action of a similar kind by competing financial

institutions.

17 November, 1978.

CANBERRA