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||Phillip Lynch was educated at Xavier College and Melbourne University. At the age of 22 he began his career in politics, later gaining the Federal seat of Flinders in 1966. After four ministerial positions, he became Treasurer and Deputy Leader of the Liberal Party in opposition and in the governing party from 1972 to 1982. Lynch was active in the investigations leading up to the exposure of the so-called Khemlani loans affair that led to the downfall of the Whitlam government in 1975. Sir Phillip Lynch retired from Federal politics in 1982 and was appointed Director of the Reserve Bank of Australia in the following year. He died in June 1984.