• Credit squeeze: With the fall in wool prices, drought, inflation and rising prices, Treasurer Holt belatedly imposes a credit squeeze, raises loan interest rates and heavily increases sales tax on motor vehicles.

"Government imposed credit squeeze induced late in 1960 caused an even greater outcry than had the horror budget of 1952. These difficulties were crucial in shaping opinion in the lead-up to a general election in December 1961 which almost toppled Menzies' government."
A W Martin, Robert Menzies A Life Vol 2 1944-1978, 1999 p 430.