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Wednesday, 8 March 1961

Mr CAIRNS (YARRA, VICTORIA) - I direct a question to the Treasurer. Is it not a fact that when the Government introduced its recent credit restrictions an instruction went out from the Reserve Bank directing the trading banks not to restrict the finance to be made available for not only export, to which the honorable member for Barker referred, but also home building? Has the Treasurer received from the Reserve Bank an assurance with regard to home building similar to that given with respect to rural exports? If he has been assured by the Reserve Bank that there has been no restriction of finance for home building, how does he account for the well-known fact that thousands of applicants who had been given promises and undertakings before November have been refused funds?

Mr Harold Holt - Refused funds by the banks?

Mr CAIRNS - Yes, by the banks. Because of that refusal, these people have been forced to go to other lenders, fringe and otherwise, and are being required to pay from 10 per cent, to 15 per cent, for the money they are getting.

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