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Thursday, 7 May 1970

Mr BURY (WENTWORTH, NEW SOUTH WALES) (Treasurer) - If the honourable member looks further into the qualifications of Mr Hobart I think he will find that they are extensive and that he has a good knowledge of the entire building industry. It is true that the commercial and industrial sector of the building industry is now rather harder pressed than the dwelling construction sector. The credit squeeze, so called by the honourable member, is merely the rise in interest rates charged by the banking system to relieve the tremendous pressure for loans on those bodies-

Mr Armitage - Why restrict home building loans?

Mr BURY - Home building loans are not restricted. The whole system works as before. An incidental effect is that some costs by way of interest rates, particularly to home builders, have gone up and it is true that this situation is likely to exercise some restraining influence. It is also likely to have some effect in bringing the price of housing down and impeding the continuing rise in costs for dwelling construction. This is in the interests of all intending home purchasers.

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