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Tuesday, 21 March 1961

Mr KEARNEY (CUNNINGHAM, NEW SOUTH WALES) - My question is addressed to the right honorable the Treasurer, in his capacity as the Minister responsible for the economic policy of the Government. Is it a fact that scores of thousands of people seeking finance for 'the construction and purchase of homes are being denied loan money because of the credit restrictions imposed by the Government? Also, is it a fact that approvals for new houses and flats have fallen from 10,568 in October last year to 5,600 in January, 1961? Further, is it a fact that the disastrous shrinkage in home-building will throw thousands of building trades workers out of employment and cause disastrous business results for manufacturers and suppliers of building materials? Will he take urgent action to alter the present financial restrictions to enable ample money, at low interest rates, to be made available for the building and purchase of much needed homes in the Wollongong and Port Kembla areas and elsewhere throughout Australia?

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