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Tuesday, 7 December 1976
Page: 3372


Mr CONNOR (CUNNINGHAM, NEW SOUTH WALES) -I address my question to the Treasurer and direct his attention to the statement that was made last weekend by the Minister for Primary Industry to meat producers at Rockhampton assuring them that they would be suitably cushioned against the inevitable increases in interest rates flowing from recent devaluation decisions. Has similar action been taken through the Reserve Bank or has an indication been given that similar protection will be given to the mining sector and to the manufacturing sector of the economy. If so, on what justification has this been done? Can the home builders, the home purchasers, the consumers and the ordinary retailers- the ordinary businessmen- be assured of similar protection? Will the Treasurer also give us the benefit of knowing the arrangements, if any, that have been made to cushion exporters and importers against the vacillations that will occur from time to time in the exchange rates?


Mr LYNCH - The honourable gentleman is a little slow in catching up with these matters. I think that if I refer him to yesterday's Hansard he will be suitably encouraged with the statement that he finds there, which indicates that at the present time there is no increase in bank administered rates. No increase is contemplated. So I do not find myself in a position where I want to respond to the hypothesis or the ramblings of the honourable gentleman. There are no secret deals. I saw a reference to that in the Press this morning, but I repeat again that the interest rate changes have taken place, the bank has acted in the market place in conjunction with me, and no bank administered rate changes are contemplated.







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