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Wednesday, 20 May 1970

Mr CONNOR (CUNNINGHAM, NEW SOUTH WALES) - I preface my question, which is addressed to the Treasurer, by referring to the increase in the Commonwealth long term bond rate to 6% in February last. Are terminating building societies the main source of building loans for borrowers in the lower income groups? Are borrowers from such societies now being faced, as a result of that increase, with increases in their repayments of up to $5 per week? Will the Treasurer extend to such borrowers similar relief to that granted by his Government to primary producers? What further increase in repayments to such societies will result from the current bond rate increase, in May, to 7%? What relief does the honourable gentleman propose for this additional impost? To what extent will such increase of interest rates further inflate the consumer index of living costs?

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