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Wednesday, 31 March 1965

Senator PALTRIDGE (Western Australia) (Minister for Defence) . - As the the Leader of the Opposition suggests, it will be the function of the Corporation to examine each individual application and to approve each lender. It will be the function of the Minister to approve each group. This discussion revolves around the question as to whether certain groups will be admitted and, if so, when they will be admitted. I have had an opportunity to look at another statement which the Minister for Housing (Mr. Bury) made during the debate in another place and which I think adds emphasis to the points I have been making. Mr. Bury is reported at page 306 of " Hansard " as having said -

Dealing first with clause 5 (1.), I mentioned banks, insurance companies and building societies as the first instance of approved lenders for the practical reason that it will be some time before the Corporation can acquire staff on a large scale everywhere. In addition, we do not want to delay operation of the scheme. It is our wish to bring it into being as soon as possible. The idea is to get the scheme under way without delay, using the existing institutions that have their established patterns of valuation and so on. The 'Bill is designed to embrace an increasingly wide field of lenders. After the initial stages we will seek to embrace more people and more institutions as approved lenders.

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