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  • 4 - Foreign Payments

  • from Part Two - The International Community
  • Edited by Gordon Greenwood, University of Queensland, Norman Harper, University of Melbourne
  • Book:
    Australia in World Affairs 1966–1970
    Published online:
    29 March 2024, pp 131-144

  • Summary

    In the period under review, 1966–70, Australia was singularly free from the ’constant balance of payments worries’ of the 1950s and early 1960s. The problem of external balance – of finding enough foreign exchange to finance an ever-growing import bill – which, in the preceding two decades and indeed in many earlier periods of Australian economic history, had never been far from the centre of concern of Australian economic policy-makers, all but vanished, at least for the time being. On the contrary, towards the end of the period, Australia, to her own surprise, found herself embarrassed by a plethora of foreign exchange, in a small way paralleling the discomfiture of the major surplus countries, Germany and Japan,