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Tuesday, 31 May 1960

Mr HAROLD HOLT (Higgins) (Treasurer) . - I move -

That the bill be now read a second time.

In presenting the additional estimates on 11th May, an additional appropriation of £31,000,000 was sought for defence expenditure. After the exhaustion of the appropriation of £155,800,000 and pending the further appropriation of £31,000,000, it was estimated that there would have been an expenditure of £6,000,000 on defence services from the Loan Fund.

It is now apparent that this estimate of £6,000,000 will be exceeded and that during the further period, pending the additional appropriation of the Consolidated Revenue Fund, expenditure on defence services from the Loan Fund may be as great as £16,000,000. Corresponding expenditure on defence services from the Consolidated Revenue Fund will be less than was estimated and £10,000,000 of the additional appropriation of £31,000,000 for defence will probably remain unexpended. In the circumstances, an additional appropriation of £10,000,000 for payment to the Loan Consolidation and Investment Reserve is being sought.

To give effect to this change, the Appropriation Bill (No. 2) 1959-60 has been discharged, and this measure, covering both the Additional Estimates which were presented on 1 1th May and a further estimate of £10,000,000 has been presented.

Debate (on motion by Mr. Calwell) adjourned.

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