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Thursday, 24 May 1973
Page: 2628

Mr NIXON (Gippsland) - J move:

In proposed sub-section 2 of section 31, omit the words 'at such such rate of interest', substitute the words 'at a commercial rate of interest then current1.

There is concern, now that the Commission has been given an opportunity to enter a widely expanded number of areas of industry, such as road transport, hotels, engineering, garages and the like, that the people who are engaged in these industries will suffer in respect of the interest rate at which the Commission is able to borrow money. I moved this amendment in order to try to obtain from the Minister for Civil Aviation (Mr Charles Jones) an assurance that this will be the case and that the Commission will have no financial advantage as against private enterprise in the rate of interest at which it can borrow moneys through this Parliament. I understand that there are legal difficulties about the wording of the amendment. Perhaps the Minister would comment.

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