PM Transcripts

F77/ 196
FOR PRESS 8 SEPTEMBER 1977
GLADSTONE POWER STATION
The Prime Minister, the Right Honourable J. M. Fraser, and
the Premier of Queensland, the Honourable J. Bjelke-Petersen,
announced today that agreement had been reached on a request
by Queensland for the provision of further assistance to
Queensland for the Gladstone Power Station.
The Prime Minister recalled that under the Gladstone Power
Station Act 1970, the Commonwealth had provided financial
assistance of $ 140 million as the agreed Commonwealth share
of the cost of the initial four generating sets. Such
assistance had been provided in the form of loans at concessional
interest rates. The Act under which these funds
were provided required the Commonwealth to participate in
funding only in respect of expenditure up to 30 June 1977.
The Premier had requested additional funds towards an amount
of $ 47.4 million which remains to be expended to finish the
first four sets of the power station. Such request involved
Commonwealth support for a special addition to his State's
semi-Government borrowing programme of $ 25 million over the
next three years.
Mr. Fraser said that the Commonwealth would be pleased to
support a Queensland application to the Australian Loan
Council for this special allocation.