Despite these promises, Askin and the new Country Party Leader, Charles Cutler, lost the election to Heffron, mainly due to the adverse reactions of voters towards the November 1960 "horror budget" and credit squeeze made by the federal Coalition government under Menzies. The Coalition lost five seats, despite a small swing of 0.16% and the Coalition gaining the support of prominent media businessman, Frank Packer, who helped project the image of Askin and the Liberals as a viable alternative government. Askin retained his seat with 72.53%.