The credit squeeze brought the Coalition dangerously close to losing the 1961 election, with the Coalition being returned with a precarious one-seat majority. There were calls for Holt to be sacked, but he retained Menzies' support. He later described 1960–61 as "my most difficult year in public life". Most of the deflationary measures were reversed in 1962, and unemployment dropped down to 1.5 percent by August 1963. In later budgets, Holt retreated to his Queensland holiday home while it was being prepared. He said that the 1965 budget "has had the best reception yet of any in the series I have presented".