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Thursday, 8 December 1960

Mr HAROLD HOLT - I do not agree that the double tax agreement with the United States of America is working against our interests. Australia has gained great practical advantage as a nation from the inflow of capital from the United States of of America and other countries not only through direct investment here, but also through the industrial development which has been stimulated as the result of what has come here from other countries. Figures which I have given the House before would suggest that of total investment in this country 90 per cent, is still coming from Australian sources. As long as we can maintain that kind of proportion I think we shall have little to worry about in connexion with matters which seem to terrify honorable gentlemen opposite, who, if ever they came to office, would lay a palsied hand upon the development of this nation.

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