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Thursday, 5 December 1974
Page: 4708

Dr EDWARDS (Berowra) - I thank the Treasurer (Mr Crean) for agreeing to propose amendments along these lines. I think that the situation the Opposition feared was that the Treasury- Australia- would in practice come to bear risks arising from exchange rate fluctuations, they being the order of the day in the current world economic situation. Other financial intermediaries in competition with the Australian Industry Development Corporation- for instance, the Australian Resources Development Bank- have to bear such risks themselves. I would agree that the amendment now put forward would make it clear that when the Treasury on-lends, as the phrase goes, funds to the AIDC, it would be on the same terms and conditions on which Australia has borrowed them and in that sense the AIDC would bear these risks. The Opposition thanks the Government for proposing the amendments.

Amendments agreed to.

Bill reported with amendment; report- by leave- adopted.

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