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Tuesday, 16 August 1960

Mr CLAY (ST GEORGE, NEW SOUTH WALES) - Does the Treasurer agree that the recent request of the Reserve Bank of Australia that the private trading banks exercise restraint in lending arises out of a fear felt by the private banks that hirepurchase companies in Australia have grown too rich and too strong too quickly? Does the Treasurer agree that the restraint which has been requested may cause a slight recession which, in turn, may lead to a large number of repossessions of goods obtained on hire purchase, to the great embarrassment of the hire-purchase companies?

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