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Thursday, 25 October 1973
Page: 1459

Senator DRAKE-BROCKMAN - I ask the

Minister representing the Treasurer whether his attention has been drawn to a statement by the Assistant General Manager of the Bank of New South Wales that the Federal Government is exacerbating inflation in Australia by failing to curb its own expenditure. Has this view been expressed by many other prominent figures in the banking and economic fields, including officers of the Reserve Bank of Australia and the Treasury? If the Minister believes that these critics are wrong, when does he expect a downturn in the rate of inflation and what will cause its fall?

Senator WILLESEE -No, I have not seen the statement referred to, but I accept that what Senator Drake-Brockman has said about it is correct. I do not think any one of the other bodies referred to has agreed on what he suggests as a cause. I am certainly not going to put myself in a position of trying to forecast what world inflation is going to be.

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