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Thursday, 5 December 1974


Mr Bungey asked the Treasurer, upon notice:

What changes in interest rates have applied in respect of (a) rural reconstruction loans for (i) farm build up and (ii) debt reconstruction, (b) Commonwealth Development Bank loans for (i) farm build up, (ii) farm development and (iii) farm machinery purchase and (c) Rural Credits Department of Reserve Bank loans to marketing authorities and grower co-operatives since 30 June 1972, and from what dates have the changes applied.


Mr Crean - The answer to the honourable member's question is as follows:

The rate of interest as at 30 June 1972 and changes since that date in respect of each class of loan referred to in the question are set out below:

(a)   Rural Reconstruction Loans

The rates of interest charged to individual borrowers by the State authorities administering the Rural Reconstruction Scheme are a matter for the Authorities concerned, subject to an interest rate of not less than 6.25 per cent p.a. for farm build-up and an average interest rate of not less than 4 per cent p.a. in the case of debt reconstruction. These limits have not been varied since 30 June 1972. The rate of interest applicable to Australian Government assistance to the States under the Scheme has not varied since that date.

 

The rate on all existing loans at 15 November 1973 was increased from 6.25 per cent per annum to 8.00 per cent per annum and the rate on all existing loans at 15 July 1974 was increased by 1 per cent per annum.

(iii)   Farm Machinery Purchase- Equipment Finance- New Goods

 







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