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Wednesday, 20 May 1970

Mr BURY - The normal seasonal pattern for liquidity is that in the last quarter of the financial year when tax income to the Government greatly exceeds outpayments there is a loss of liquidity which lasts just for that quarter. The normal pattern thereafter is that as soon as tax refunds begin, just after the close of the financial year, over the following few months, up to $400m is pumped back into the economy. As the new financial year proceeds the former liquidity pattern gradually tends to re-establish itself. I would expect the normal seasonal factors to be at work this year.

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