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Tuesday, 2 April 1968


Mr MCMAHON - I would not like to use the term 'hard currency' in relation to the Australian dollar, because this term is normally reserved for the reserve currencies, such as the United States dollar and the United Kingdom pound. But I believe that the honourable member's first two comments are correct. Overseas investors, particularly those with money that they wish to deposit in banks, find that Australia is a suitable country and one where they can invest with safety, so much so that in the first 8 months of this financial year there has been a capital inflow of about $700m, compared with probably $300m to $350m in the preceding year. As to the last part of the question, I think, too, that people send their funds here and are prepared to invest here because they realise that under normal circumstances they are able to repatriate their funds without great difficulty. All told, this country is regarded as having one of the most stable currencies and one of the most stable economies. Consequently it is a place where people think that they can invest profitably and without danger of losing their right to repatriate their money.

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