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Thursday, 8 December 1960

Mr HAROLD HOLT - The Deputy Leader of the Opposition seems to be getting his hand in for a return to hrs legal practice in the recess. I shall be glad to study the question and give him a considered reply.

While I am on my feet, let me say that yesterday the honorable gentleman asked me whether I would ascertain what the position was with regard to movements in the deposit rates payable by the State savings banks.

Mr Whitlam - And the Commonwealth and the private banks.

Mr HAROLD HOLT - That is so. I have made inquiries into that matter, and I have been advised by the Governor of the Reserve Bank that, following consultations which have occurred, there will be some upward movement in the deposit rates payable to the many millions of Australian depositors with the savings banks. They are entitled to a fair and reasonable rate of interest just as any one else would be entitled to it. The Governor informs me that an announcement will be made by the savings banks themselves within the next day or so and, for certain technical reasons, it is not considered desirable to make any earlier announcement.

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