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Thursday, 25 October 1973
Page: 1461

Senator CARRICK - My question is directed to the Minister representing the Treasurer. I refer to the action of the Federal Government in substantially increasing the general overdraft interest rate to a record level with consequent sharp increases in all interest rates including home purchase and hire purchase rates. Is the Minister aware that an average family paying off a home or acquiring a motor vehicle and one major domestic appliance on hire purchase is now faced with an increased monthly interest payment of between $30 and $40, a huge drain on family purchasing power and a savage increase in inflation? In view of the utter failure of the Government's higher interest rates policy, will the Government undertake an urgent review in order to bring early relief to all families committed by government action to such serious hardships in both home purchase and hire purchase?

Senator WILLESEE -I do not know what is the basis of Senator Carrick 's figures. Naturally if interest rates are increased some extra expenditure follows. As to the future, since very obviously in an inflationary period which the world is going through at the moment all those things are taken into consideration, the interest rate is one charge which would be under the constant surveillance of the Government.

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