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Thursday, 9 December 1976
Page: 3690

Mr Uren asked the Treasurer, upon notice:

(   1 ) To what use has the Government put the proceeds of all short term borrowings abroad since January 1976, and have some of these proceeds been re-invested on the New York or any other short-term money markets.

(2)   If any proceeds have been used for re-investment on short-term money markets, what was the interest rate paid by the Australian Government on the borrowed funds and what was the rate recovered by the Australian Government from the short-term loan in each case.

(3)   What intermediaries or banks were used in this laying off process.

Mr Lynch - The answer to the honourable member's question is as follows:

(   1 ) The Government has not undertaken any short-term borrowings abroad since January 1976. As the honourable member should be aware, from the Press statements I have made detailing the terms and conditions of each overseas borrowing operation by the Government over this period, the minimum period for which funds have been borrowed has been S years.

(2)   See answer to (1).

(3)   See answer to (1).

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