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Loan Council Borrowing Programs 1978-79



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TREASURER

EMBARGO FOR IMMEDIATE RELEASE

PRESS RELEASE NO. 52

LOAN COUNCIL BORROWING PROGRAMS 1978-79

The Australian Loan Council has agreed to a Government loan

program for the States in 1978-79 of $1,434 million, the

same as in 1977-78» of which one-third will be provided

by the Commonwealth by way of interest-free non-repayable

grants.

Loan Council has also agreed to a borrowing program in

1978-79 for State larger semi-government and local authorities

of $ 1,2 9 6 .5 million including special additions of $89·5

million. The special additions comprise $18 million

permanent addition to Western Australia's program to

improve that State's per capita share of the program

vis-a-vis the per capita share of the other S t a t e s , and

temporary additions of $20 million for New South W a l e s ,

$21 million for Queensland and $30.5 million for Western

Australia.

The temporary additions represent the 1978-79 draw-downs

against approvals of $100 million over 5 years for New

South W a l e s , $50 million over three years for the

Queensland Sugar Board, $25 million over three years for

the Gladstone Power Station, $64 million over four years

for electricity development in Western Australia and

$65 million over six years to rehabilitate the Kwinana-

Koolyanobbing Railway.

2

Including the special additions, the increase in semi­

government programs over the total program for 1977-78

is $101.5 million br 8.5 per cent.

INFRASTRUCTURE

The Loan Council also agreed to establish a working party

of officials of all States and the Commonwealth to examine

and report back to the Loan Council as soon as practicable

on the proposals that had been submitted for consideration

under the guidelines for special additions to the normal

semi-government borrowing programs for infrastructure

financing to assist the Loan Council in deciding:

(i ) which projects ought to be selected for support

within a program of special additions to the normal

semi-government borrowing programs; and

(ii) a responsible time scale and phasing for the program.

The size and phasing of the program would then have to be

decided in the light of the assessment of the projects and

national economic and monetary policy considerations.

23 JUNE 1978

STATE GOVERNMENT LOAN COUNCIL PROGRAMS 1977-78 and 1978-79

1978-79(a)

1977-78 --------------------------- — ---- —

BORROWINGS . CAPITAL TOTAL GRANTS (b)

S'000 . $'000 $'000 $'000

NEW SOUTH WALES 463,467 308,978 154,489 463,467

VICTORIA 360,213 240,142 120,071 360,213

QUEENSLAND 190,110 126,740 63,370 190,110

SOUTH AUSTRALIA 186,853 124,569 62,284 186,853

WESTERN AUSTRALIA 132,669 88,446 44,223 132,669

TASMANIA 100,488 66,992 33,496 100,488

TOTAL 1,453,800 955,867 477,933 1,433,800

Total program and distribution between borrowings and capital grants for 1978-79 is the same as for 1977-78

Capital grants represent one-third of each State's total program.

(a)

00

STATE LARGER AUTHORITIES'. PROGRAM 1977-78 AND 1978-79

1977-78 1978-79 . .

BASIC PROGRAM

SPECIAL ADDITIONS

BASIC PROGRAM

(a )

SPECIAL ADDITIONS

TOTAL

$m $m $m $m $m

NEW SOUTH WALES 423.1 20.0 (b) 452.7 20.0 (b) 472,7

VICTORIA 357.6 - 382,6 - (c) 3 8 2 .6

QUEENSLAND 208.7 3 i.o (d) 223.3 21.0 (e) 244.3

SOUTH AUSTR A L I A 53.1 - 5 6 .8 . - - 5 6 .8

WESTERN AUSTR A L I A 53.3 1 6 .0 ( f ) 57.0 48.5 (g) 10 5.5

TASM A N I A 3 2 .2 - 34.4 - ■ · 34.4

1,128.0 6 7 .0 1,207.0 89.5 1,296.5

(a) The basic program for 1978-79 represents an increase of 7*0 per cent over the 1977-78 basic program.

(b) Special temporary addition of $20 million to New South Wales in 1977-78 and in each of the,four subsequent years. .

(c) Excludes borrowings of $US47 million ( $ M 3 million) for Victorian Loy Yang project .which will be drawn down over a period of years commencing with a small unknown amount late in 1978-79.

(d) Includes special additions of $16.0 million for Gladstone power station and $15 million for Queensland Sugar Board.

(e) Special additions of $5.0 million for Gladstone, power station and $16.0 million for Queensland Sugar Board.

(f) Includes special addition of $16.0 million for Kwinana- Muja project.

(g) Made up of special additions of $16.0 million for Kwinanar-Muja project, $14*5 million for Kwinana-Koolyanobbing railway and a permanent addition of $18.0 million.