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Wednesday, 25 November 1959

Mr HAROLD HOLT (HIGGINS, VICTORIA) (Treasurer) - As honorable members are probably aware, a good deal of preliminary work has been proceeding since the legislation was passed in the Parliament to constitute the Commonwealth Banking Corporation of which the Development Bank is an element. As recently as yesterday, I had a discussion with the Secretary to the Treasury and the managing director of the corporation with a view to clearing up some of the administrative details which are still outstanding, and with a view to considering the policy directives which will eventually be issued, particularly in relation to the Development Bank. It is expected that the new structure will be in operation before the end of January next year although I do not want to be pinned to a particular date. I believe that the funds available to the Development Bank will be adequate for the purposes which the legislation has enumerated. Of course, the Government will watch that position from time to time and, if necessary, will bring to this Parliament proposals for increasing the supply of funds should it deem that to be desirable.

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