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Newspaper
Canberra Times
Location
Canberra, Australian Capital Territory, Australia
Date
Jun 29, 1962
Page
3
NSW government ministers mull increased rail and bus fares and tax measures as a budget remedy to mounting deficits. Cabinet and Caucus faces a tough vote with plans framed as a necessary evil to sustain employment programs, while left-wing MPs resist higher costs ahead of the next election.
The Loan Council allocated the Commonwealth 1 595 000 pounds for semi government and local government borrowing. Substantial funds will back housing in Papua New Guinea with the rest used for housing development in the ACT and the Northern Territory. The Commonwealth had not previously appeared in Loan Council reports due to small approved borrowing amounts.
NSW Queensland and other Cabinet members meet to plan division of a £12.5 million non repayable grant. Queensland received £2.5 million above its quota and £3.64 million of the grant more than NSW. Victoria and Tasmania also gained above quota. Premiers discuss deficits, taxation, and ongoing capital works as regional allocations spark debate. Tasmania Queensland Western Australia opposed boosting the grant to £15 million. Borrowing caps set for local and semi government bodies with higher quota raised to £106.75 million.
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