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Wednesday, 23 November 1927

Senator NEEDHAM (Western Australia) . - Clause 7 lays down the basis of the fund, and according to this clause,. 50 per cent of the increase in deposits in the savings bank will be available for the housing scheme. The funds so available will be supplemented, if necessary, by borrowing as provided for in clause 10. Queensland and Tasmania have in operation agreements under which we cannot expect to obtain anything at all for this purpose from the increase in deposits in those States. Under the Queensland agreement 70 per cent, of the increased deposits are earmarked for State purposes, and the other 30 per cent, is to be disposed of as the State Treasurer directs. The same applies to Tasmania. It is therefore apparent that the money for this fund can come only from the other four States if they agree to work under the scheme, these States being Western Australia, South Australia, Victoria and New South Wales. Can the Minister give us an estimate of what money may be expected from this source - that is to say, 50 per cent, of the increase in the deposits in those four States? It might be possible to estimate this sum from the money already in the hands of the savings bank. If we can arrive at some such estimate, we shall then be able to determine' approximately how much money it will be necessary to borrow from time to time to carry on the scheme.

Senator Sir WILLIAMGLASGOW (Queensland - Minister for Defence) [9.51]. - I have already given an estimate of the money which it is anticipated will be available from this source. On the basis of the increase in deposits last year, it is expected that a sum of £1,000,000 per annum will be available. The money required by the various building authorities prescribed under the act will be derived from this sum, and onefourth of the repayments. Anything over and above that will be obtained by borrowing as set out in the bill.

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