RESTRICTION LIFTED
End Of Credit Squeeze
(N.Z.P.A.-Reuter—Copyright) MELBOURNE, October 28.
The Australian Government’s 12 months old credit squeeze has ended. The Reserve Bank of Australia last night announced the lifting of the last of the credit restrictions on bank lending. Australian trading banks can now undertake any type of lending they wish.
The Federal Treasurer <Mr Holt) said last night that the bank’s announcement “confirms the general rightness of the Government’s policies.” Business men everywhere welcomed the move. The Reserve Bank warned that if there was any revival in speculative activity, it would not hesitate to apply the restraints on bank lending “as the circumstances might warrant.”
Mr Holt said the bank’s decision was entirely in line with Government thinking. “The people of Australia can take some satisfaction from the fact that the country’s economy is now so sound that this action can be taken without danger,” he added.
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Bibliographic details
Press, Volume C, Issue 29657, 30 October 1961, Page 20
Word Count
149RESTRICTION LIFTED Press, Volume C, Issue 29657, 30 October 1961, Page 20
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