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Tuesday, 16 August 1960

At its meeting in June, 1959 the Australian Loan Council approved a governmental borrowing programme of £220,000,000 for State works and housing in 1959-60. The Commonwealth offered, subject to certain conditions, to make monthly advances to the States for the first six months of the year on the basis of that programme and indicated that it would then review the position.

In February, 1960 the Commonwealth advised the States that it was prepared to continue making advances for the remainder of the financial year at the annual rate of £220,000,000 and to provide sufficient special assistance to enable the borrowing programme to be achieved.

At the June, 1960 meeting of the Loan Council, approval was given for an additional Commonwealth borrowing of £20,000,000 to finance advances which the Commonwealth had offered to make to the State of Queensland to assist in the rehabilitation of the Mount IsaTownsvilleCollinsville railway line.

A further amount of £6,937,000 was required to finance Commonweath advances to the States for War Service Land Settlement. The total amount required to finance the Loan Council borrowing programme for the Commonwealth and for State works and housing and to finance advances to the States for War Service Land Settlement was therefore £246,937,000.

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