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Wednesday, 16 November 1927

Senator McLACHLAN (South Australia) (Honorary Minister) . - It is not a function of the Government to fix the rate of interest paid to depositors in the Commonwealth Savings Bank. The rate is at present fixed by the directors of the Commonwealth Bank. When this measure becomes law, the interest will be fixed by the Savings Bank Commissioners. The first sub-section of the proposed section relates to future acquisitions by the Commonwealth Savings Bank . Commissioners, and we cannot lay downany hard and fast rule by which they will be governed. Whilst it may be unfortunate that depositors in the Commonwealth Savings Bank receive a lower rate of interest than depositors in State savings banks, it is a matter which is at present beyond the power of Parliament to adjust.

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