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Thursday, 8 December 1960


Mr WHITLAM (WERRIWA, NEW SOUTH WALES) - I address a question to the Treasurer supplementary to that asked of him by the Leader of the Opposition. Has the Reserve Bank, on the board of which the Government is represented, advised or directed the savings banks to raise, or not to raise, the interest rates they charge on overdrafts they have already granted to building societies? Has it advised or directed them to raise or not to raise the interest rates they will charge on new or increased overdrafts they will grant to building societies in future?

Since the Government is also represented on the board of the Commonwealth Banking Corporation, does the Treasurer know, or will he say, whether the Commonwealth Trading and Savings Banks, which have provided three-quarters of the funds for building societies, have decided to raise, or not to raise, the interest rates they charge on loans they have already made to the societies, or to raise or not to raise the interest rates on loans they may hereafter make to the societies?







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