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Tuesday, 16 August 1960

At its meeting in June, 1960, the Loan Council approved a governmental borrowing programme for State works and housing of £230,000,000 for 1960-61. In addition, it approved borrowings by the Commonwealth in the United States of America of $30,000,000 on behalf of Qantas Empire Airways Limited and of $2,000,000 on behalf of Trans-Australia Airlines. The Loan Council also approved borrowing programmes for 1960-61 of £106,000,000 for State semigovernmental and local authorities (compared with £104,000,000 for 1959-60), and of £1,100,000 for semi-governmental borrowing in Commonwealth Territories (compared with £600,000 in 1959-60).

The allocation of the approved governmental programme for State works and housing in 1960-61 is compared below with the allocation of the actual programme for 1959-60.

 

The resolution approving the above-mentioned programme of £230,000,000 was supported by the Commonwealth on the understanding that the State Governments would fulfil certain conditions designed to promote governmental loan raisings in 1960-61. For its part, the Commonwealth undertook -

(i)   to make available the Australian currency equivalent of any new money loans it might be able to raise overseas for general purposes;

(ii)   to leave to the States, to the extent necessary to complete their borrowing pro grammes for works and housing purposes, the whole of the proceeds derived from public loan raisings in Australia (other than the proceeds of borrowings for temporary purposes) after the amounts required to meet encashments of Special Bonds have been deducted;

(iii)   to arrange, to the maximum possible extent, for the re-financing of maturing loans that may not be fully converted, and to endeavour to do the same in respect of maturing savings certificates; and

(iv)   to make monthly advances to the States for the first six months of the year at an annual rate of £230,000,000, the position then to be reviewed and a tentative determination made, not later than 31st January, 1961, of the amount of special loan assistance the Commonwealth may provide from its own resources.







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