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Thursday, 8 April 1965

Senator CAVANAGH (South Australia) . - Following the Minister's remarks, let me say very briefly that I do not want it to be thought that I was trying to mislead the Committee in my statement that at present credit unions are investing in long term loans for housing. I have received a letter from the President of the New South Wales Credit Union League Co-operative Ltd. which states that last year the Australian Broadcasting Commission staff association loaned £86,000, or 40 per cent, of total loans made, for purely housing purposes. The Credit Union League now lends money from credit unions for this purpose. They make their contributions to the League Board, which has decided that all surplus moneys in the Central Credit Union will be invested in long term housing. A deposit of almost £50,000 has already been lodged with a permanent building society in Sydney and deposits in amounts of £50,000 will be made as surpluses arise. That supports my statement that they are now lending for housing purposes.

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