Reserve Bank of Australia Annual Report – 1964 Public Statements

During the year, the following public statements relating to policy matters were issued by the Bank:

10th JULY, 1963

Term Loan Funds of major trading banks to be increased by about £19 million—two-thirds of the increase from Statutory Reserve Deposits and one-third from banks' L.G.S. assets.

31st OCTOBER, 1963

General statement on current banking policies—banking system to continue to provide support for economic expansion but not to add unnecessarily to public liquidity.

7th JANUARY, 1964

Statutory Reserve Deposit ratio raised by 1.2% to 12%, effective 8th January.

3rd FEBRUARY, 1964

Statutory Reserve Deposit ratio raised by 2% to 14%, effective 5th February.

26th FEBRUARY, 1964

Reserve Bank willing to give financial support to an Export Re-Finance Corporation to be formed jointly by major trading banks.

28th FEBRUARY, 1964

Statutory Reserve Deposit ratio raised by 1.5% to 15.5%, effective 4th March.

Term Loan Funds of major trading banks to be increased by about £20 million—two-thirds of the increase from Statutory Reserve Deposits and one-third from banks' L.G.S. assets.

7th APRIL, 1964

Maximum rates paid by trading banks on fixed deposits increased by ½% p.a.; minimum term reduced from 3 months to 30 days for large amounts.

24th APRIL, 1964

Maximum trading bank overdraft rate increased by ½% p.a. Rates paid on savings bank deposits to be increased by ¼% p.a. as from 1st June and rates of interest on savings bank lending to be reviewed.

5th JUNE, 1964

Removal, as from 8th June, of the limits imposed by the Bank on the total amount and source of loans accepted by authorised dealers in the short term money market.