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Wednesday, 3 June 1942

Mr CHIFLEY (Macquarie) (Treasurer) (6:50 AM) . - I move -

That it is expedient that an appropriation of moneys be made for the purposes of a bill for an act to authorize the raising and expending of a certain sum of money.

The purpose of this bill is to obtain a loan appropriation of £.100,000,000 to finance war expenditure from loan funds in 1942-43 and to authorize the raising of an equivalent amount of loan moneys to finance that expenditure. With Japan at our very gates, our war effort had to be accelerated to the greatest possible degree, and accordingly our expenditure has increased. Great numbers of men have been brought into our armies, costly works, such as modern aerodromes, have to be completed, and aeroplanes, war materials and supplies have to be acquired. Allied troops have arrived in Australia to assist in its defence, and this has involved additional expenditure under the reciprocal lease-lend arrangement. The Loan Act 1942. which was approved by Parliament in March last, appropriated an amount of £75,000,000, and this, with the balance of earlier appropriations, will be sufficient to cover war expenditure from loan fund up to about the end of June, 1942. A further appropriation is, therefore, necessary to carry on our war plans during the early months of next financial year. Since the beginning of the war Parliament has granted previous war loan appropriations totalling £309,000,000.

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