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Wednesday, 21 November 1973
Page: 3581

Mr WHITTORN (BALACLAVA, VICTORIA) - I address my question to the Treasurer. Has the Australian dollar been revalued by approximately 2 per cent since the beginning of November due to the fact that it is tied to the American dollar - a practice described by one Minister as one that is adopted by mugs and hillbillies? Is this revaluation by stealth advantageous to Australia or does it indicate that economically we are not masters of our destiny in this real area of national interest?

Mr CREAN (MELBOURNE PORTS, VICTORIA) (Treasurer) - I do not think I need repeat to this House the independent action that has been taken on at least 3 occasions by the present Government in regard to the exchange levels. When one currency rate moves, whether it is the yen or the United States dollar, it does have some impact on our currency. The answer I give about exchange rates is - and I am pleased to be able to repeat it in this House: The Australian exchange rate can stay where it is; it can rise; it can fall; it can float. I have all options still open.

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