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Thursday, 26 February 1959


Mr HAROLD HOLT - In presenting his question, the honorable gentleman indicated that my answer yesterday had been somewhat flimsy. I think the interjections that have come from various parts of the House rather suggest that whilst he and I might have a close interest in these matters, such interest is not so general among honorable members as to encourage me to take up unduly the time of the Parliament in giving a mass of detail on a matter of this sort. I can assure him that what was presented by me yesterday was intended to give a general picture and, as I think I said at the time, if more detail was sought by the two honorable members who raised the questions with me, or others round the House, I would try to supply that detail to them.

The suggestion that some article was inspired interests me. It certainly was not inspired by me because I confess that I do not know sufficient about the subject to inspire anybody to write an authoritative article concerning it. Whether these short-term market arrangements will be a good thing for Australia or a few people remains, I think, to be determined in the future. In the judgment of the Commonwealth Bank and the Government, it will be a very good thing for Australia and a very useful addition to the financial capacity, flexibility and resources of the Australian economy. That is our judgment, and already the results are confirming it. We hope that the short-term money market will not only have a long and successful life but that it will also be an expanding factor in promoting the development of Australia.

To the extent that the honorable gentleman has raised particular matters which have not been covered by me, I shall see that he gets what information1 1 can supply..







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