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Wednesday, 10 October 1973
Page: 1814

Mr McMAHON (LOWE, NEW SOUTH WALES) - My question is directed to the Treasurer. As today interest rates appear to be rising very rapidly and the real difficulties we face are immediate and in what could be regarded as the short or medium term, can he explain to me why it was necessary to decide that part of the next Commonwealth loan floated would be a long term loan rather than to attempt to concentrate on the short end of the market, that is, up to 3 years, or on the medium term market up to 10 years? In other words, he could have kept the long term bond rate stable - I believe there is every likelihood of that market failing and of more harm being done than he intends to do - 'and we could have concentrated on the short term area where the money has to be found for the immediate future, and I believe that a far greater amount would thereby be contributed to the series of loans.

Mr CREAN (MELBOURNE PORTS, VICTORIA) (Treasurer) - We chose to give a wider range of options. I suggest that the right honourable gentleman ask his question in a fortnight's time when the loan is closed.

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