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Wednesday, 28 February 1973
Page: 34

Mr BERINSON (PERTH, WESTERN AUSTRALIA) - Is the Minister for Minerals and Energy able to quantify the losses of Western Australian mining companies which have arisen from recent revaluations of the Australian dollar? What, if any, is the anticipated loss to Western Australia in terms of postponed or cancelled developmental projects? Does the Government's stated policy of control over mineral exports include the possibility of intervention in the performance of existing contracts so as to preclude the supply of Australian resources at unreasonably low prices?

Mr CONNOR (CUNNINGHAM, NEW SOUTH WALES) (Minister for Minerals and Energy) - At the present time no-one can give an exact assessment of the ultimate impact of the recent devaluations on Western Australian mineral exporters in particular. There are only 3 certainties in life today - death, taxes, and successive, progressive and evermore frequent devaluations of the United States dollar. I will give a considered reply to the honourable member. An infinite variety of contracts which have been negotiated has been denominated in United States dollars, and, worse than that, they extend over a very considerable period of time. However a considered reply will be given to the honourable gentleman as soon as possible.

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