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Tuesday, 13 October 1931

Mr SCULLIN - On the 8th October the honorable member for Kennedy (Mr. Riordan) asked me a question without notice, as to the action taken by the Queensland Government to give effect to the decision of the conference of Commonwealth and State Ministers regarding the reduction of the interest rate on mortgages.

As promised, I have made inquiries into the matter. The Financial Emergency Act 1931 passed by the Queensland Parliament, provides for a reduction of 22½ per cent. in interest rates on all mortgages with a minimum rate of 5 per cent. per annum. Provision is made for the mortgagor to apply to the court failing agreement between mortgagor and mortgagee. The act follows generally the lines of the draft bill prepared at the conference.

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