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Thursday, 24 November 1927

Mr GREGORY - I ask the Prime Minister if Australia's indebtedness to Great Britain was not incurred in respect of payments to our soldiers, and is a debt and not in the ordinary sense a loan by the British Government to Australia?

Mr BRUCE - During the war, at the direct request of the British Government, all the Dominions refrained from raising loans on the British market, and the British Government undertook to find any moneys which they required for the prosecution of the war. In that way Australia incurred a debt of approximately £92,000,000 for moneys which were advanced by the British Government. The moneys so advanced were raised in conjunction with Great Britain's own war loans, and were utilized for the general purposes of the war, such as the payment of our soldiers, the equipment of hospitals, the provision of munitions and equipment, and in fact all things that had to be provided during the period of the war.

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