Economy thumb|right|An Australian Broadcasting Corporation (ABC) video showing Holt (as Treasurer) introducing the coins of the new Australian dollar in 1964 Holt as prime minister was sometimes criticised for a failure to be assertive on economic matters. A major drought in 1965 had led to slowdown in growth, but he was unwilling to increase public spending in case it increased inflation.Frame (2005), p. 161. The Australian dollar – a legacy of Holt's period as Treasurer – came into circulation on 14 February 1966, less than a month after his prime ministership began. In November 1967, the British government unexpectedly announced that it would be devaluing the pound sterling by 14 percent. Holt announced that the Australian government would not follow suit, effectively withdrawing Australia from the sterling area. The decision was strongly opposed by the Country Party, who feared it would disadvantage primary industry. McEwen went as far as to issue a public statement criticising the decision, which Holt considered a breach of cabinet solidarity. The dispute caused a breakdown in Holt and McEwen's relationship and nearly brought down the Coalition; at one point, Holt made preparations for the Liberals to govern as a minority government the event McEwen tore up the Coalition agreement. Ultimately, the dispute was resolved in Holt's favour. The Bulletin said that the withdrawal was "quite certain to mean the end of any remaining special relationship between Australia and Britain".Frame (2005), pp. 239–241. There were no other important economic policy reforms made by the Holt government, although Australia did become a founding member of the Asian Development Bank in 1966.Frame (2005), p. 180.
economy thumb|right|an australian broadcasting corporation (abc) video showing holt (as treasurer) introducing the coins of the new australian dollar in 1964 holt as prime minister was sometimes criticised for a failure to be assertive on economic matters a major drought in 1965 had led to slowdown in growth but he was unwilling to increase public spending in case it increased inflationframe (2005) p 161 the australian dollar – a legacy of holt's period as treasurer – came into circulation on 14 february 1966 less than a month after his prime ministership began in november 1967 the british government unexpectedly announced that it would be devaluing the pound sterling by 14 percent holt announced that the australian government would not follow suit effectively withdrawing australia from the sterling area the decision was strongly opposed by the country party who feared it would disadvantage primary industry mcewen went as far as to issue a public statement criticising the decision which holt considered a breach of cabinet solidarity the dispute caused a breakdown in holt and mcewen's relationship and nearly brought down the coalition; at one point holt made preparations for the liberals to govern as a minority government the event mcewen tore up the coalition agreement ultimately the dispute was resolved in holt's favour the bulletin said that the withdrawal was "quite certain to mean the end of any remaining special relationship between australia and britain"frame (2005) pp 239–241 there were no other important economic policy reforms made by the holt government although australia did become a founding member of the asian development bank in 1966frame (2005) p 180