Australia Eases Credit And Changes Duties

Press, Volume C, Issue 29554, 1 July 1961, Page 16

Australia Eases Credit And Changes Duties

(N X.P-A ,-Reuier—L'opVnpht)

MELBOURNE, June 30. The Reserve Bank of Australia has announced a major easing of the credit squeeze. The Governor of the Bank (Dr. H. C. Coombs) said at the end of a two-day meeting of the Reserve Bank board that a further release of the frozen funds of trading banks amounting to £17.2m would be made today. The reduction of inflationary pressures in the economy had enabled the Reserve Bank to restore to the trading banks greater discretion in allocating loans, he said. Senior officials of the trading banks last night welcomed Dr. Coombs’s announcement as the first sign of a major easing of credit policy Between November and March the Government put a positive restraint on credit to reduce total outstanding advances by about £Bom. Tariff Changes ' Higher tariff duties are to be imposed in Australia from today on imported motor lawnmowers and small petrol engines, fabric tapes, webbings and ribbons, and some chemicals used in the manufacture of detergents. Protective duties on tailors' and dressmakers’ dummies are to be eliminated. Duties on bicycle parts and accessories, but not bicycle saddles, are to be reduced. The Minister for Trade, Mr John McEwen, announced the tariff changes last night and released copies of Tariff Board reports on which the changes are based. The changes followed norma! inquiries by the Tariff Board, but were made under recent amendments to legislation which allows tariffs to be altered when Parliament is not sitting. Fruit Juice Tariffs Tariff duty on bulk imports of orange, lemon and grapefruit juices will be increased

to 2s 6d a gallon. The Tariff Board said that these three juices could be landed in Australia duty free from various overseas countries at prices lower than local manufacturers' selling prices for Australian pro- : dubed juices.