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Wednesday, 14 November 1973
Page: 1755

Senator COTTON (NEW SOUTH WALES) - My question is directed to the Minister representing the Treasurer in this chamber. Is it a fact that the British Government has increased its bank rate to the very high level of 13.5 per cent? Does the Australian Government, in pursuance of its dear money policy, propose to increase further the already high bond and overdraft rates? Does the British experience and the Australian experience to date indicate that making money dearer, thus increasing costs and adding to inflation, is not the sensible way in which to overcome a situation of excess liquidity in the community? Does the Government understand that it has to look to its own expenditures if it wants to find the proper solution?

Senator WILLESEE (WESTERN AUSTRALIA) (Minister for Foreign Affairs) -I will refer to the Treasurer those parts of the question which affect the Australian Government. I do not think the honourable senator expects me to make criticisms of another government.

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