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Thursday, 1 April 1965

Senator McCLELLAND (New South Wales) . - I desire to add to one or two of the remarks made by my colleague Senator Ormonde. I concern myself with the problems of the borrower insofar as they are governed by clause 5. I draw the attention of the Minister to sub-clause (3.) in particular. It provides -

The Corporation shall cause notice of the approval, or the revocation of the approval--

I emphasise the last phrase - of a person as a lender under this section to be published in the Gazette.

I imagine that the number of borrowers under this legislation who would read the appropriate " Gazette " would be very few indeed. I should like to learn from the Minister what will happen to a borrower if the approval of the lending organisation involved is revoked by the Corporation. This is a matter of importance to the borrowers. As I read the sub-clause, it could well be used for administrative action, as it were, to turn the supply of finance for the building industry on or off like a tap. I ask the Minister what types of circumstances are envisaged in this clause that warrant its inclusion in the Bill? 1 refer more particularly to the revocation of approval than to the granting of approval.

Senator Wright - Has the honorable senator read sub-clause (4.) of clause 5?

Senator McCLELLAND - No, at this stage I have not, but I believe that these matters are important from the point of view of the borrower. 1 trust that the Minister will elucidate this point because I frankly believe that Parliament is entitled to know the terms upon which approval will be given or revoked, having regard especially to the fact that notice of intention to grant approval or revoke it is to be published only in the " Gazette ".

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