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Gladstone power station

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The Prime Minister, the Right Honourable J. M. Fraser, and

the Premier of Queensland, the Honourable J. Bjelke-Petersen

announced today that agreement had been reached on a request

by Queensland for the provision of further assistance to

Queensland for the Gladstone Power Station.

The Prime Minister recalled that under the Gladstone Power

Station Act 1970, the Commonwealth had provided financial

assistance of $140 million as the agreed Commonwealth share

of the cost-of" the- initial four generating sets. Such

assistance had been provided in the form of loans at con­

cessional interest rates. The Act under which these funds

were provided required the Commonwealth to participate in

funding only in respect of expenditure up to 30 June 1977.

The Premier had requested additional funds towards an amount

of $47.4 million which remains to be expended to finish the

first four sets of the power station. Such request involved

Commonwealth support for a special addition to his State's

semi-Government borrowing programme of $25 million over the

next three years.

Mr. Fraser said that the Commonwealth would be pleased to

support a Queensland application to the Australian Loan

Council for this special allocation.