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Local and semi- government maximum borrowing rates



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TREASURER

EMBARGO NOT FOR RELEASE BEFORE 5.00PM 16 JAN 1980

NO.

STATEMENT BY THE TREASURER, THE HON JOHN HOWARD, MP

LOCAL AND SEMI-GOVERNMENT MAXIMUM BORROWING RATES

As a result of developments in the bond market in recent weeks

the Australian Loan Council has decided that the maximum interest

rates for borrowings by local and semi-government authorities

should be increased.

These increases will maintain the relativity between local and

semi-government authorities with interest rates on Commonwealth

bonds.

The new maximum interest rates for borrowings by these authorities,

to be effective from the commencement of business tomorrow,

17 Jan 1980, with the previous rates which have applied since

14 Jun 1979 shown in brackets, are:

Currency of Loan (years) .

Public Loans (per cent)

Private Treaty Loans (per cent)

4-9 10.8 (10.4) 11.1 (10.7)

10 and over 10.9 (10.5) 11.2 ( 10. 8)

CANBERRA ACT 16 Jan 1980