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Thursday, 1 December 1960


Mr HAROLD HOLT - It is a fact that over the main life assurance companies the average holding of government bonds, whether Commonwealth Government bonds or local government or semi-government bonds, would average 37 per cent. However, the aspect which is giving the Government concern is the trend, over recent years, whereby a very much smaller proportion of the accrued assets of those companies has been going into government securities than was the case in earlier years. In 1939, a very much larger proportion, and in 1949 an even greater proportion, was held in such securities.


Mr Calwell - It was 67 per cent, in our day.


Mr HAROLD HOLT -Sixty-eight per cent., or thereabouts. I believe, Mr. Speaker, that when the full story of the Government's intentions, and the reasons for them, can be made known, the criticisms to which the honorable member for Richmond referred will abate considerably.







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