thumb|right|Lang smoking his trademark pipe Early in 1931, Jack Lang released his own plan to combat the Depression; this became known as "the Lang Plan". This was in contrast to the "Melbourne Agreement", later known as the Premiers' Plan, which all other State Governments and the Federal Government had agreed to in 1930. Key points of the Lang Plan included the temporary cessation of interest repayments on debts to Britain and that interest on all government borrowings be reduced to 3% to free up money for injection into the economy, the cancellation of interest payments to overseas bondholders and financiers on government borrowings, the injection of more funds into the nation's money supply as central bank credit for the revitalisation of industry and commerce, and the abolition of the gold standard, to be replaced by a "Goods Standard," whereby the amount of currency in circulation would be fixed to the number of goods produced within the Australian economy. The banks had indicated that if he paid the interest they would advance him an additional amount which was greater than the interest, thus giving him a positive cash flow.
thumb|right|Lang smoking his trademark pipe Early in 1931, Jack Lang released his own plan to combat the Depression; this became known as "the Lang Plan". This was in contrast to the "Melbourne Agreement", later known as the Premiers' Plan, which all other State Governments and the Federal Government had agreed to in 1930. Key points of the Lang Plan included the temporary cessation of interest repayments on debts to Britain and that interest on all government borrowings be reduced to 3% to free up money for injection into the economy, the cancellation of interest payments to overseas bondholders and financiers on government borrowings, the injection of more funds into the nation's money supply as central bank credit for the revitalisation of industry and commerce, and the abolition of the gold standard, to be replaced by a "Goods Standard," whereby the amount of currency in circulation would be fixed to the number of goods produced within the Australian economy. The banks had indicated that if he paid the interest they? would advance him an additional amount which was greater than the interest, thus giving him a positive cash flow.