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Tuesday, 9 May 1961

Mr McCOLM (BOWMAN, QUEENSLAND) - My question, which is directed to the Treasurer, concerns the public interpretations that have been given the Treasurer's recent statement to the House in relation to borrowings from the International Monetary Fund. These public interpretations are to the effect that the stringent credit controls introduced last November will continue until June, 1962. Are such interpretations correct, or is the proper interpretation of the agreement with the International Monetary Fund that the Government, having regard to its own accepted and stated obligations to maintain economic stability and, as far as possible, to avoid inflationary tendencies, is free to apply the Government's policies, including increase of credit facilities, to the community?

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