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Tuesday, 16 September 1958

Mr Ward d asked the acting Treasurer, upon notice -

1.   What amount of money is immediately available in the National Debt Sinking Fund for the purpose of paying off the holders of Commonwealth bonds and stock maturing in the next twelve months who do not intend to re-invest their money in a new Commonwealth loan?

2.   If the fund is unable to provide sufficient ready money for this purpose, from what source does the Government propose to obtain the balance necessary to pay the non-converters?

Mr Menzies - The answers to the honorable member's questions are as follows: -

1.   It is estimated that the National Debt Sinking Fund may have available, from current receipts during 1958-59, up to £45,000,000 towards meeting redemptions of maturing Commonwealth bonds and stock.

2.   It is intended that all redemptions of maturing debt in 1958-59 will be made from the National Debt Sinking Fund and the Loan Consolidation and Investment Reserve. Insofar as it becomes necessary for that purpose to realise investments held by these two funds, a further issue of treasury-bills will be required.

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