PM Transcripts

CABI NET
4~ j> A USTRAL ( A
PRIME MINISTER
FOR PRESS 26 March 1978
I have again written to State Premiers regarding the adoption
by th-e Australian Loan Council of proposed new guidelines for
the Council's consideration of proposals for special addition
to the semi-government borrowing program and for overseas
borrowings by statutory authorities.
In responding to my earlier letter, some State Premiers had
baulked at t he suggestion that the voting arrangements on
proposals put to the Council should be a simple majority
including the Commonwealth.
In suggesting this arrangement, the Commonwealth is conscious
of the need to make the proposed new guidelines as flexible
as possible while, at the same time, ensuring they are
consistent with the Commonwealth's responsibility for
national economic and financial management.
I have pointed out to the Premiers the importance at this
stage of exploring as soon as possible these new arrangements
which will be of great benefit to Australia. I suggested
that those Premiers who wished could submit proposals for
additional borrowing authority for Loan Council consideration..
I urged them to take up the proposition advanced by the
Commonwealth and submit projects which they considered to be
of significance to the economic development of Australia.
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