AUSTRALIAN FINANCE
Inflationary Methods Alleged (Received March 24, 7.5 p.m.) CANBERRA, March 24. Australia’s war expenditure for July and August this year has been estimated at nearly £85,000,000, the Treasurer, Air. Chifley, told the House of Representatives. He was speaking on the Bill for Supply. , . , During the debate the Leader of the Country Party, Mr. Fadden, criticized the Government’s “dangerous and easy methods of finance," and issued the warn ing that these were highly inflationary. He said that at the end of June, 1041, Commonwealth treasury bills outstanding were only £1,750,000. By the end of June, 1043. they had risen to £208,000,000. and at March 20, 1044, they had increased to £428.000.000. Air. Fadden said the disproportionate increase in treasury bills was reflected in the increased public purchasing power. Savings bank deposits last year increased by £105,000.000 to £414,000,000. The potential spending power of the Australian public today was at least £560.000,000.
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Dominion, Volume 37, Issue 153, 25 March 1944, Page 7
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152AUSTRALIAN FINANCE Dominion, Volume 37, Issue 153, 25 March 1944, Page 7
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