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Meeting of the national debt commission



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NOT TO BE RELEASED BEFORE 5 p.m. FRIDAY ' TWEETY-THIHD AUGUST, 1963

FOR PRESS " ■ No:812

STATEMENT. BY THE TREASURER

THE RIGHT HONOURABLE HAROLD HOLT, M.P.

· MEETING OF THE NATIONAL DEBT COIl.IISSION. · .

The National Debt Commission held its Sixty-first

meeting in Sydney today to consider its report for 1962-63 on

the transactions of the National Debt Sinking Fund and to

determine the allocation of funds available to the Commission

for 1963-64. , .

Ur. Holt said' that redemptions to be met in 1963-64

are estimated to amount to £90 million. Receipts of the

Sinking Fund are estimated to be £87 million and the difference'

will be met by drawing on the cash balance in the Sinking Fund.

. Mr. Holt added that expenditure for debt redemption

by the Sinking Fund in 1962-63 was £5^ million. A further £32

million of debt maturing in February and April 1963 was redeemed

from loan proceeds while £83 million of debt was cancelled from

other sources, chiefly the Loan Consolidation and Investment ·

Reserve. The total debt outstanding on account of the Common­

wealth and the States increased by £176 million to. £4,717 million

at 30th June, 1963.

The Sinking Fund receives .contributions from the

Commonwealth and the States calculated to be sufficient to retire

all debt created each year over the following.period of 50-53

years. Total expenditure by the Sinking Fund on debt redemption

since its inception amounted to £1,190 million at 30th June,

1963. .

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Members of the Commission are the Treasurer of the

Commonwealth (the Rt. Hon. Harold Holt - Chairman), the Chief '

Justice of the High Court of Australia (the Rt. Hon. Sir Owen

■ , Dixon), the Secretary to the Treasury (Sir Roland Wilson), the

Governor of the Reserve Bank (Dr. II.C. Coombs), the Solicitor-

General of the Commonwealth (Sir Kenneth Bailey) and, as a ·

representative of the States, the Under-Secretary and Comptroller

of Accounts of the Hew South Wales Treasury (Mr. \7. G. Mat hie son).

Mr. Holt said that the report of the Rational Debt

Commission would be tabled in the Commonwealth Parliament

next week. ‘

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Canberra.

23rd August, 1963.

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