Policy not tightened
Australian Federal Treasurer Paul Keating said the Reserve Bank had not tightened monetary policy. Monetary policy was automatically tightening with cash rates being kept where they were he said. As borrowers roll bills and other financing instruments, they rolled into a higher rate, so by just keeping cash rates at a certain level, the whole system tightened anyway, he said. The Reserve Bank has lifted its rediscount rate to- 17.7 per cent from 17.6 per cent.
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Press, 21 October 1989, Page 38
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79Policy not tightened Press, 21 October 1989, Page 38
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