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Tuesday, 30 July 1946


Mr CHIFLEY - The practice is for local governing bodies that wish to borrow money to apply in the first place to their State governments. As honorable members are aware, State borrowings are subject to the provisions of the Financial Agreement, but there exists a gentlemen's agreement that .borrowings for local governing bodies and semigovernmental authorities shall be coordinated through the State co-ordinator of works, working in conjunction with the Commonwealth Co-ordinator-General of Works, who reports to the National Works Council. This procedure has been applied to borrowings for the coming year, and the programme will be submitted to the Loan Council which will meet on the 21st August. It must be evident to honorable members that unless there is co-ordination between the State governments regarding the amount of money borrowed, and the requirements for which it is borrowed, we shall have chaos in the money market.. During the war, borrowings of this kind came under the control of the Loan Council, and the same procedure will be followed at the next meeting of the council. I have issued a press statement to the effect that all requests by local bodies for loan money should be addressed in the first place to' State governments.







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