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Commonwealth loans to country aero clubs



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COMNOivWEALTH LOANS TO COUNTRY A3JiO CLUBS

(Statement by the Minister for Civil Aviation, Ex. R.W. Swartz)

The Commonwealth Government will guarantee loans by the

Commonwealth Trading Bank to country aero clubs to enable them to buy

training aircraft.

This was announced today by the Minister for Civil Aviation,

Mr. R.W. Swartz.

W. Sv,artz said that details of the plan which had been

agreed between the Department of Civil Aviation, the Royal Federation

of Acre Clubs of Australia and the Commonwealth Trading Bank were -

The.Government would guarantee loans up to a total of

$80,000 in the year ending June 30, 1969.

This amount would rise by $40,000 a year until a maximum liability of $200,000 was reached.

The guarantees would be given for overdrafts of 75 per cent

of the purchase price of the aircraft or $16,000 - whichever

was the lesser.

Er. Swartz added that the plan to be introduced soon would be

administered by D.N.K. and would replace the governments aircraft

replacement fund which had previously helped aero clubs buy new training

aircraft.

The scheme reflected the Government's recognition of the

important role played by country aero clubs in Australia's bu8y civil

aviation industry, he said.

CANBERRA 28th November, 1968.