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Thursday, 26 November 1959

Sir ROLAND WILSON (STURT, SOUTH AUSTRALIA) - Part of that was done from the profits of previous years. It is not an annual figure.

Mr. HILEY.; The year before that, you reduced it by ?113,000,000; the year before that by ?125,000,000, and the year before that by ?133,000,000. Let us make it ten years, if you like. In that time the Commonwealth will become a net creditor on its public debt.

The whole of the public debt will, in effect, be borne by State governments and local governments. Later in the report the following passage appears: -

Mr. HILEY.; Are you clear, Sir, that the trend is that in from six to ten years' time you will have no net public indebtedness, while our indebtedness will be towering? As long as that factor is realized, I shall be happy, because that is the one that really worries me.

Mr. BOLTE;Hear, hear!

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