Fed: Australians wouldn t tolerate taking on US dollar; Hockey

AAP General News (Australia)
04-05-2001
Fed: Australians wouldn t tolerate taking on US dollar; Hockey

Federal Financial Services Minister JOE HOCKEY says Australians would not tolerate
taking on the US dollar as their currency.

He says they would not be prepared to allow US Federal Reserve chairman ALAN GREENSPAN
to determine interest rates from Washington concerning their effect in Australia.

Mr HOCKEY'S comments come after Sydney Stock Exchange chairman MAURICE NEWMAN called
for a debate and an analysis of the issue.

Mr NEWMAN has told ABC radio being part of a larger currency bloc means Australia would
be less subject to speculative raids on currency.

He says a drawback is that Australia would be a captive of US federal monetary policy.

But Mr HOCKEY says he sees no merit in the debate, adding having an Australian dollar
means Australia has control over its destiny.

AAP RTV dep/jtb

KEYWORD: DOLLAR (CANBERRA)

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