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Wednesday, 23 November 1960

Mr CAIRNS (YARRA, VICTORIA) - I ask the Treasurer a question supplementary to that asked by the honorable member for Wills. Is it not a fact that, on the average, the increased rates of interest which the banks will be required to pay on deposits will be about half as much as the increased amount they will earn on advances? Is it not also a fact that at present the level of advances is greater than the level of deposits and that it will continue to be so? Does this not mean that the seven or eight trading banks will acquire an additional income of something like £5,000,000 as a result of those increases in interest rates?

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