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COMMONWEALTH HOME LOANS-INTEREST RATES FOR TWO CABINET MINISTERS

Senator McLaren, pursuant to notice, moved-That the Senate-

(a) condemns the Government for its double standards in respect of long-term low interest rate Commonwealth home loan mortgages enjoyed by two highly paid Cabinet Ministers as against the much less favourable terms applying to lower income citizens, in-

(i) allowing the Deputy Prime Minister, Mr Anthony, to continue with his Commonwealth home loan mortgage of $17 964 granted on 17 December 1964 by himself as the then Minister for the Interior, at a fixed interest rate of 4.75 per cent, and which at 1 October 1981 still had an amount of $15 005 owing, with the expiry date of the loan being the year 2009, and

(ii) allowing the Minister for Primary Industry, Mr Nixon, to continue with his Commonwealth home loan mortgage of $30 352 granted on 28 August 1970 by himself as the then Minister for the Interior, at a fixed interest rate of 6.25 per cent , and which at 1 October 1981 still had an amount of $28 404 owing, with the expiry date of the loan being the year 2015;

(b) further condemns the Government for allowing interest rates in respect of the many thousands of young Australian home owners and potential home owners to escalate to the point where many are now in danger of losing their homes and many others are faced with the situation of never being able to obtain a home of their own; and

(c) calls on the Government to request the Cabinet Ministers in question to immediately divest themselves of the loans mentioned above, or, alternatively, extend the generous terms enjoyed by them to all citizens now struggling to either keep or put a roof over their heads.

Debate ensued.

The Minister for Veterans' Affairs (Senator Messner) addressing the Chair-

And it being seven p.m.-