PM Transcripts

PRIME MINISTER PRESS STATEMENT NO. 477
28 March 1975
ALBURY/ WODONGA FINANCIAL AGREEMENT
Joint statement by the Prime Minister, Mr Whitlam, the Premier
of New South Wales, Mr Lewis and the Premier of Victoria
Mr Hamer
The Prime Minister, Mr Whitlam, the Premier of New
South Wales, Mr Lewis and the Premier of Victoria, Mr Hamer
announced today that they had signed an agreement providing
million from the Australian Government for the Albury!
-*/ odonga growth centre.
The funds will be allocated by the Australian Government
to the New South Wales and Victorian Governments to be used for
the further development of Albury/ Wodonga.
The Australian Government's contribution to the
development of the growth centre will be spent on land,
municipal services and building development.
Expenditure on municipal works will be one third
grant and two thirds loan. Funds provided to purchase land
for open space or recreation for the growth centre will be in
the form of a grant.
Generally other financial assistance will be provided
as a loan repayable over 30 years at the long term bond rate.
The first repayments of the loan moneys have been deferred
for ten years, except in the case of loans for muncipal works,
and special provision has been made to protect the States if
the growth centre generates insufficient revenue to meet loan
commitments. Mr Whitlam, Mr Lewis and Mr Hamer said the signing
of the Albury/ Wodonga financial agreement demonstrates the
continuim~ c interest of the three Governments in persuing
the co-operative arrangements for the development of the growth
centre.
CANBERRA. A. C. T..