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Thursday, 9 December 1971
Page: 4608

Mr Bury (WENTWORTH, NEW SOUTH WALES) asked the Treasurer, upon notice:

Has the Loan Council agreed to exempt the Australian Industry Development Corporation from the obligation to

(a)   obtain specific Loan Council approval to raise all loans for more than 12 months duration exceeding $300,000 and

(b)   raise all overseas loans through and by the Chairman of the Loan Council, which applies to' all loans raised by statutory ' corporations, councils and semigovernmental bodies throughout Australia.'

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

Under the terms of the Gentlemen's Agreement between the Commonwealth and the States I have been, as Chairman of the Loan Council, in correspondence with State Premiers about the borrowings of the Australian Industry Development Corporation having regard to the special nature of the Corporation and its borrowing requirements. As particulars of Loan Council proceedings and deliberations are confidential, it would not be appropriate for me to provide details of this correspondence.

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