§ Sir P. Roydsasked the Chancellor of the Exchequer whether he has any statement to make about the facilities to be given to the Commonwealth of Australia in respect of the conversion or repayment of the 5 per cent. Australian Commonwealth and State Loans repayable on 1st July and 1st August, 1945.
§ Sir J. AndersonYes, Sir. The Government of the Commonwealth of Australia are giving notice to repay £94,300,000 of. Commonwealth and State Loans repayable on 1st July and 1st August, at the same time inviting holders of these stocks to convert their holdings into a new stock, the amount of which will be limited to £60,000,000. Of the total of £94,300,000 the Commonwealth Government will themselves, without assistance from the United Kingdom Treasury, make arrangements for the repayment of £34,300,000. As on the occasions of similar operations during the war
826W
§ Sir J. AndersonThe following table shows for the years 1914–15, 1924–25, 1934–35 and 1944–45 the Income Tax and Surtax (or Super-tax) payable on the incomes in question. It assumes that the taxpayer is a married man with three children:
by the Commonwealth of Australia and by the Dominion of New Zealand and in order to facilitate the conversion without interfering with the Government's borrowing operations, I have agreed to cooperate with the Commonwealth authorities in this operation by advancing from the Vote of Credit such sums as may be necessary to provide repayment of any part of the remaining £60,000,000 not otherwise provided for.