Note: Where available, the PDF/Word icon below is provided to view the complete and fully formatted document
 Download Full Day's HansardDownload Full Day's Hansard    View Or Save XMLView/Save XML

Previous Fragment    Next Fragment
Thursday, 29 November 1973
Page: 4163


Mr UREN (Reid) (Minister for Urban and Regional Development) - I have several amendments to move to clause 10, which reads in part:

(2)   Subject to sub-section (3), the loan is subject to the following conditions: -

(a)   interest shall accrue in respect of each payment or advance, calculated from the date on which the payment or advance was made, on so much of the payment or advance as for the time being has not been repaid by the State;

(b)   the rate at which interest shall accrue under paragraph (a) shall be a long-term bond rate or such lower rate as the Treasurer, with the concurrence of the Minister, determines;

(d)   an amount calculated under paragraph (b) as at a date after the expiration of the period of deferment shall be paid by the State to Australia upon that date;

(3)   Commencement of repayments of principal, and payments of interest, by a State in respect of payments and advances made to the State in relation to an approved program may be deferred for such period, not exceeding 10 years (in this section referred to as "the period of deferment"), as is agreed between Australia and the State before the first payment or advance to the State is made in relation to that program and, in that event, sub-section (2) does not apply, but the loan is subject to the following conditions: -

(a)   interest shall accrue in respect of each payment or advance, calculated from the date on which the payment or advance was made, on so much of the payment or advance as for the time being has not been repaid by the State;

(b)   the amount of interest that has accrued under paragraph (a), together with interest that has accrued under paragraph (c), shall be calculated as at 15 June and 15 December in each year;

(c)   each amount calculated under paragraph (b) as at a date before the expiration of the period of deferment shall be payable by the State to Australia in accordance with paragraph (f) as if that amount had been a payment made to the State under section 5 on the date as at which it was calculated, and interest shall accrue in respect of that amount, calculated from that date, on so much of that amount as for the time being has not been paid by the State;

I seek leave of the Committee to move the amendments together.







Suggest corrections