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Wednesday, 10 October 1973
Page: 1825

Mr CREAN (Melbourne Ports) (Treasurer)

I move:

That the Bill be now read a second time.

This Bill provides for the withdrawal of the application of the Reserve Bank Act to Papua New Guinea. As I indicated in introducing the Banking Bill, this Bill is to facilitate the establishment of a separate banking system in Papua New Guinea subject to local control and with its own central bank.

The Bill also provides for specific authority for the Rural Credits Department of the Reserve Bank of Australia to lend to associations of co-operative associations as well as individual co-operative associations engaged in primary production. This minor amendment, which would have retrospective application from March 1971, removes any legal doubts there might be about the authority of the Rural Credits Department of the Bank to lend to these associations of co-operatives. I commend the Bill to the House.

Debate (on motion by Mr Street) adjourned.

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