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Tuesday, 24 September 1974
Page: 1294

Senator Sir KENNETH ANDERSON - I direct to the Minister representing the Treasurer, who answered a question on this matter earlier, a question relating to the effects of the budgetary proposals on permanent building society interest rates. Has the Minister noted that New South Wales building societies granted loan approvals totalling $ 10.8m in August this year? Does the Minister realise that those approvals will help 600 to 610 people to acquire homes? A simple calculation on a yearly basis would give some idea of the significance of those loans. Does the Government not realise that building societies borrow from individual citizens who lend their savings to the societies and that the interest which citizens receive is regarded as unearned increment? Having regard to Minister's categorical statement today that under the Budget proposals this interest will attract a super tax, does the Government realise that this decision will have a disastrous effect on the ability of permanent building societies to lend money to individual citizens and that this very act will help to destroy any prospect that we have of improving the home ownership position in the current financial year?

Senator WRIEDT -Senator Sir KennethAnderson has asked a long question. I think it only proper that I should direct it to the Treasurer and obtain a suitable answer.

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