Aust. interest rates reduction expected
■ NZPA Canberra i The Australian Federal Government is expected to announce lower interest rates during the next few weeks. They might be announced before the next Government loan is raised ini October. The Prime Minister (Mr! IM. Fraser) and the Trea-[ [surer, (Mr P. Lynch) have! I both tipped lower interest [rates during the last few 1 •months. If the Government decided [to reduce rates before the [October loan it was likely that trading banks would be (instructed, through the Reserve Bank to lower their ! rates and that the Reserve ißank itself would be told to
reduce rates by buying stock on the open market. According to the sources, the Government might create a new issue of Australian savings bonds in addition to lowering rates. The Federal Government i has been under increasing [pressure from state Govern- ! merits to reduce the rates on Government loans. The interest rates on July loans ranged from 9.7 per cent to 10.4 per cent. In October S23IM worth of securities mature. It is not known the amount by which the Government is considering reducing its rates, but most observers believe that reductions could be slightly less than one per cent.
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Press, 2 September 1977, Page 10
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201Aust. interest rates reduction expected Press, 2 September 1977, Page 10
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