PM Transcripts

FOR PRESS PM. No. 52/ 1969
FINANCIAL ARRANGEMENTS FOR DARTMOUTH DAM
The Prime Minister and Treasurer met with representatives
of the Governments of New South Wales, Victoria and South Australia in
Canberra today to discuss the financial arrangements for the building of the
proposed dam near Dartmouth on the Mitta Mitta River.
Agreement had been reached by the responsible State Ministers
earlier in the year regarding other conditions that would apply in relation
to this proposal. But agreement to proceed with the project was subject to
the availability of some Commonwealth financial assistance over and above
the usual provision with River Murray Commission Works whereby the
Commonwealth pays one quarter of the capital cost.
It was agreed that the Commonwealth would, in addition
to paying its own share, lend to each of the States at the long-term Bond
interest prevailing at the time when the loan was made one half of their
share of the costs. Such loans would be subject to the usual interest
payments, but repayment of capital would be deferred for ten years and
would take place over the subsequent fifteen years.
The Commonwealth and all States also agreed, without
prejudice that, as soon as the cost of the Lake Victoria works is known,
further discussions will be held on methods of financing them.
This arrangement is subject to confirmation by the New
South Wales Government.
CANBERRA, 27 June 1969