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Wednesday, 3 June 1942

Senator KEANE (Victoria) (Minister for Trade and Customs) . - 3 move -

That the bill be now read a second time.

The purpose of this bill is to obtain loan appropriation of £100,000,000 to finance war expenditure from the loan fund in 1942-43 and to authorize the raising of an equivalent amount of loan moneys to finance that expenditure. With Japan at our gates, our war effort had to be accelerated to the greatest possible degree and, with it, our expenditure has risen. Great numbers of men have been brought into our armies; costly works such as modern aerodromes have to be constructed, 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 reciprocal lease-lend arrangements. 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 the 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 the next financial year. Since the beginning of the war, Parliament has granted war loan appropriations totalling £309,000,000. 1 commend the bill to the Senate.

Question resolved in the affirmative.

Bill read a second time.

In committee:

Clauses 1 and 2 agreed to.

Clause 3 (Authority to borrow £100,000,000).

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