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Lower local and semi-government maximum borrowing rates



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TREASURER

EMBARGO NOT FOR RELEASE BEFORE 7.00 PM 28 OCTOBER 1977

STATEMENT BY THE TREASURER, THE RT HON PHILLIP LYNCH, MP

LOWER LOCAL AND SEMI-GOVERNMENT MAXIMUM BORROWING RATES

The Treasurer, Mr Phillip L y n c h , today announced new lower maximum

interest rates to apply to borrowings by local and semi

government authorities. .

Mr Lynch said that following the reduction in market yields on

bonds which occurred since 20 October, the Loan Council had

reviewed maximum interest rates applying to public and private

borrowings by local and semi government authorities,

The maximum rates on borrowings by these authorities would be:

Currency of Loans Public Loans Private Treaty Loans

Years Per Cent Per Cent

4-6 10.0

7-9 10.2

10-14 10.3

15 and over 10.3

10 . 1

10.3

10.4'

10.4

These maximum interest rates would apply from 31 October.

CANBERRA ACT

28 October 1977