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Tuesday, 16 August 1960


Mr HAROLD HOLT - I pointed out that the directive of the Reserve Bank was aimed at the rate of new lending. Naturally, when there is a general restraint on new lending, all sections of Australian activity are likely to feel some effect from it. That is part of the purpose of the operation. But the Government is well aware of the importance of the work being carried out by municipal bodies. We have shown that in a practical way at meetings of the Australian Loan Council, both this year and last year, when we indicated our willingness to agree to a higher rate of borrowing on the part of local government authorities for their important purposes.







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