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Friday, 19 February 1932

Mr WATSON (FREMANTLE, WESTERN AUSTRALIA) asked the Treasurer, upon notice -

1.   Is it n fact, as stated in the press, that an accrued shortage of approximately £85,000,000 will face the various governments df Australia, in connexion with temporary accommodation received by them up to the 30th June next?

2.   To whom is this money owing, and when is it due for payment?

3.   If interest is accruing on this amount, what is the rate thereof?

Mr LYONS - The answers to the honorable member's questions are as follow : -

1.   The total of tho temporary accommodation or short-term debt of .all Australian governments is expected to amount to approximately £83.000.000 at the 30th June, 1932.

2.   To the Commonwealth Bank in Australia and in London, the Australian trading banks in Australia and in London, and to the Westminster Bank, London. The securities have varying maturity dates, the currency in most cases being three months.

3.   In Australia, 4 per cent, on approximately £47,000.000. In London, 5 per cent, on £30,125,000; 6 per cent, on £2,950,000, and 6 J per cent, on £4,750,000.

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