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Wednesday, 31 May 1972
Page: 3358

Dr Everingham asked the Treasurer, upon notice:

What was the amount and percentage of capital and reserves of revenue, net of subsidies, from (a) the Commonwealth Banking Corporation and State banks and (b) government insurance offices in the last year for which figures are available, and in the years, 10, 20 and 30 years previously.

Mr McMahon - The answer to the honourable member's question is as follows:

The Commonwealth Statistician has provided the following information:

(a)   The information requested is not available. However, the amounts of net earnings of the Commonwealth Banking Corporation and State banks for 1969-70 and 1959-60 were $21 3m and $78m respectively. These figures expressed as a percentage of the total figures reported for capital and reserves of those banks in those years were 62 per cent and 37 per cent respectively. Net earnings are defined as 'discount and interest earned, net exchange, commissions and other items (including transfers from contingencies accounts) after deducting interest paid and accrued on deposits, rebate on bills current at balance date, amounts written off assets and losses on realisation of assets and transfers to the credit of contingencies accounts (out of which accounts provisions for all bad and doubtful debts have been made)'. Details of net earnings were not collected prior to the introduction of the Banking Act 1959.

(b)   No information is available.

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