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Thursday, 28 September 1972
Page: 2231

Dr Everingham asked the Treasurer, upon notice:

What percentage of interest paid to banks of issue in Australia is thereafter paid by government banks into government revenue.

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

Details of interest receipts of banks are not published. The Commonwealth Banks Act 1959- 1968 provides for one-half of the net profits of the Commonwealth Trading Bank and the Commonwealth Savings Bank to be paid to the Commonwealth, and one-half to be credited to the banks' Reserve Funds. For the year ended 30th June 1972 the net profits of the Commonwealth Trading Bank were $4.60in of which $2. 30m was paid to the Commonwealth, while the net profits of the Commonwealth Savings Bank were $7.5 lm of which $3. 76m was paid to the Commonwealth.

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