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Wednesday, 29 June 1994
Page: 2204

Senator PANIZZA —I give notice that, on the next day of sitting, I shall move:

  That the Senate—

  (a)notes that Westpac Bank, the first major bank to do so, has lifted its fixed rate by .55 per cent to 8.5 per cent on 1-year and 9.5 per cent on 2-year loans;

  (b)notes, with dismay, that the Treasurer (Mr Willis) still says that a general rise will not occur; and

  (c)calls on the Government to finally admit that it is alone on the interest rate issue and that it cannot ignore all the financial markets around the world.