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Wednesday, 4 March 1970

Mr WHITTORN (BALACLAVA, VICTORIA) - 1 address a question to the Treasurer. Why are overseas interest rates consistently higher than those prevailing in Australia? Is it correct that interest rates of 8% to 10% and even higher are considered reasonable in the United States of America and on the Eurodollar market? If so, how will Australia fare when attempting to borrow at these higher interest rates and then endeavouring to re-lend in Australia where interest rates are much lower than those applicable overseas? Will such borrowings overseas and subsequent re-lending in Australia be supported by the Commonwealth Treasury in order to be competitive with Australian interest rates?

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