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Tuesday, 14 March 1961

Mr HAYLEN (PARKES, NEW SOUTH WALES) - I address my question to the Treasurer. Is it a fact that the Commonwealth Superannuation Fund on 29th

January, 1961, signed a mortgage with David Jones Limited of Sydney for £1,000,000? If this is true, how was this enormous sum negotiated for non-productive work, particularly in view of the credit squeeze and the Minister's own pronouncements from time to time? Was this money in the Commonwealth Bank at the time? What was the rate of interest? Would the withdrawal of the money affect the ability of the Commonwealth Bank to lend money to local government authorities and cooperative housing organizations? If the report is true, how can the Government line up this vast loan with its urgent appeal to the people to cut costs, reduce inflation and tighten the belt generally in order to restore economic stability?

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