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The parametrization for one kind of multifilter banks generating balanced multiwavelets is presented in this paper, in which two lowpass filters are flipping filters, and two highpass filters have linear phase. Based on these parametric expressions, some balanced multiwavelets and analysis-ready multiwavelets are constructed, which are symmetric, or antisymmetric. Moreover, on the basis of balanced multiwavelet transform, a new method of multiple description coding is given, and experiments show that this method works well. Compared with the traditional multiple description coding method, this method has low redundancy.