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Wednesday, 8 March 1961

Mr HAROLD HOLT - I was interested to hear the honorable member for Yarra say that people have been refused funds for home building after having been promised such funds by the banks. But that is what he said, and it is contrary to my understanding of the way in which the banks have operated. The private trading banks are not big lenders in the home building field. The savings and State banks and other financial institutions have, of course, been the major lenders in that field.

It is true that in the course of the directive which went out to the trading banks reference was made to the Government's intention to avoid restricting lending for such social purposes as housing. A passage from my own statement to this House was incorporated in the letter which went from the Governor of the Reserve Bank to the managements of the trading banks. I have not had the same kind of complaints or queries put to me with regard to home building applications to the trading banks as have come to me with respect to rural credit, but, since the honorable member has now raised the matter, I shall discuss it with the Governor of the Reserve Bank and see what the factual position is.

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