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Thursday, 9 December 1971
Page: 4588

Mr Hansen asked the Minister for Housing, upon notice:

(1)   Has the Government sought guarantees that interest charges on loans by Slate Housing Authorities from Commonwealth funds be less than normal savings bank rates.

(2)   If nol, where arc the advantages of cheaper money to which he referred on 4th November 1971.

Mr Kevin Cairns (LILLEY, QUEENSLAND) - The answer to the honourable members question is as follows:

(I)   and (2) Under the new arrangements for Commonwealth financial assistance lo the Slates for housing the Commonwealth is no longer advancing housing moneys to the States at a concessional interest rate. Instead, the States will receive cash grants from the Commonwealth as explained in my Second Reading Speech on the States Grants (Housing) Bill on the 4th November (Hansard PP 3035). The legislation requires that each State housing authority's share of the basic housing grant must be used by it to reduce the economic rentals and purchase payments that, but for the grant, would have had to be charged.

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