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Monday, 16 November 1964

Senator HENTY (Tasmania) (Minister for Civil Aviation) . - Having listened to the remarks of the honorable senator, I again find him to be quite unsound - this time in regard to economic matters. He has spoken about people borrowing money on the Australian market. Let me remind him that they do not get that money at an interest rate of 5 per cent. The money that will be raised under this Bill will attract an interest rate of 5 per cent. We will be able to pay it back out of the profits that are made by the Qantas organisation and the Australian National Airlines Commission. I say quite frankly that, if a further sum of £13.4 million is to be raised in Australia, I should like it to be raised by the State Governments so they may get on with the development of Australia. If we can borrow these funds for the airlines from the money that is spent by international travellers and can pay it back, then it is an exceedingly good deal for Australia, and I am all for it.

Bill agreed to.

Bill reported without amendment; report adopted.

Bill (on motion by Senator Henty) read a third time.

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