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Tuesday, 31 May 1960

Mr HAROLD HOLT (Higgins) (Treasurer) . - It is not a case of a forgotten £10,000,000 being produced, like a rabbit out of a hat, as the honorable gentleman has implied. When the earlier legislation was before the House there was an assumption, which proved erroneous, that the Parliament would have granted supply by a certain date. As supply was not granted by that date, further expenditure on defence has been necessary out of loan funds, which it has been intended to meet out of Consolidated Revenue. I shall, in a moment or two, in making my second reading statement on the matter, tell in more detail the reasons why this course has been found necessary.

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