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Thursday, 16 September 1971
Page: 1505

Mr Whitlam asked the Treasurer, upon notice:

(1)   What information have the. Premiers, agreed should be provided on the maximum interest rate authorised by the Loan Council for semigovernmental loans in the last 20 years (Hansard. 23rd April 1971, page 2020).

(2)   Can he give similar information on local - - government loans.

Mr Snedden - The answer to the honourable member's question is as follows:

(1)   On 12th May 1971 I sent a letter in the following terms to the honourable member:

In your question on notice. Question No. 2319, you asked for information in respect of the maximum interest rates authorised by tha Loan Council for semi-governmental borrowings in the last 20 years.

I said in my interim reply, recorded in Hansard on 23rd April 1971, that, as Chairman of the Loan Council, I had written to the other members seeking their views as to whether the information could be provided to you.

As a result of their agreement, I am glad to say that I am now in a position to meet your request fully and I enclose a statement of the maximum rates of interest for semi-governmental borrowings authorised by the Loan Council since 1947.'

The statement was as follows:



(2)   Details of the terms of loans raised by authorities borrowing $300,000 or less in any one year (that is, local government authorities as presently defined by the Loan Council) are approved by the State Premiers concerned and are not individually referred to the Loan Council. However, such borrowings must be within the rates, ruling from time to time under Gentlemen's Agreement as set out in the answer to the first question.

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