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Tuesday, 11 February 1986
Page: 91

(Question No. 415)

Senator Puplick asked the Minister representing the Treasurer, upon notice, on 20 August 1985:

Will the Treasurer undertake that any attempt by the New South Wales Government to raise funds on the overseas loan markets for the building of either of the environmentally destructive proposed dams on the Colo River in the Wollemi Wilderness National Park will be resisted with the same vigor as the proposals by the Tasmanian Government for a dam on the Gordon River.

Senator Walsh —The Treasurer has provided the following answer to the honourable senator's question:

The Treasurer has indicated that it would not be appropriate for the Commonwealth to take action of the kind implicit in the question.

Under the Financial Agreement, State Governments may borrow in their own right in only limited circumstances. However, provision is made in the Financial Agreement for the Commonwealth Government to borrow on behalf of State Governments and each year at Loan Council State Governments are allocated a borrowing program, which is financed from the Commonwealth Budget. State Governments are free to allocate the funds so provided in accordance with their own expenditure priorities.