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Wednesday, 23 November 1960

Mr TURNER (BRADFIELD, NEW SOUTH WALES) - I wish to ask the Treasurer a question relating to his financial statement and, in particular, to the proposal to obtain forced loans from life insurance organizations. If, in broad terms, inflation goes on at the rate of about 3 per cent, per annum, and if the rate of interest on Government loans is about 5 per cent, does this mean that the Government regards the difference - about 2 per cent, in real terms - as a fair return to the tens of thousands of little people for whom the life insurance companies are, in effect, trustees? Is it true that the Government has the full support of the Opposition in this matter and that, in extorting forced loans, the Menzies Government finds itself also in the company of the Stuart and Tudor monarchs of England?

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