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Transcripts from the Prime Ministers of Australia

Transcript 4712

LOAN COUNCIL ARRANGEMENTS FOR INFRASTRUCTURE FINANCING, 16 MAY 1978

Photo of Fraser, Malcolm

Fraser, Malcolm

Period of Service: 11/11/1975 to 11/03/1983

More information about Fraser, Malcolm on The National Archive website.

Release Date: 16/05/1978

Release Type: Media Release

Transcript ID: 4712

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4JAUSTRALIA
PRIME MINISTER
FOR PRESS 16 MAY 1978
LOAN COUNCIL ARRANGEMENTS. FOR INFRASTRUCTURE FINANCING
The Prime Minister announced today that he had again written to
State Premiers on the adoption by the Australian Loan Council
of guidelines for the Council's consideration of proposals for
special additions to the semi-government borrowing programme and
for overseas borrowings by statutory authorities.
Mr Fraser said in earlier statements on this subject on
Margch and 26 March he indicated the Commonwealth's willingness
to adopt the new guidelines while at the same time ensuring that
they are consistent with the Commmonwealth's responsibility for
national economic and financial management.
To this end, the Commonwealth had proposed that the voting rules
on proposals put to the Loan Council for consideration under the
guidelines should be a simple majority including the Commonwealth.
This had not been acceptable to some of the Premiers.
In this context, the Premier of Western Australia has put forward a
helpful proposal to the effect that the States could accept the
guidelines, with the voting rules proposed by the Commonwealth,
on the understanding that these arrangements could be reviewed
in three years time.
The Prime Minister said he had indicated to the Premiers that the
Commonwealth would be happy to have the guidelines adopted without
further delay on such a basis, and had invited them to respond
quickly on this proposal.
A number of Premiers have suggested projects which they wish to
have considered by the Loan Council under the proposed guidelines.
Mr Fraser said he had invited them to bring forward for Loan Council
consideration formal proposals in conformity with the requirements
of the guidelines.
The adoption of the guidelines will represet a major advance
in Commonwealth/ State financial arrangements.
The cooperative implementation of them will help to facilitate the
provision, in a coordi rated manner throughout Australia, of
infrastructure investment necessary for sound national economic
development.

Transcript 4712