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Tuesday, 22 November 1960

Mr WHITLAM (WERRIWA, NEW SOUTH WALES) - I ask the Treasurer a question. It relates to the increase in bank overdraft interest rates which he announced a week ago. I remind the Treasurer that the 1952 and 1956 increases in interest rates on loans to building societies have resulted in continuing and substantial increases in the amount or the period of the repayments that have to be made by members of the societies. I now ask the right honorable gentleman: Does the Government intend that interest rates on loans to building societies shall be further increased by the average of onehalf of 1 per cent, or by the maximum of 1 per cent., which increases were announced last week?

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