03 – The Story of the Commonwealth Bank

How the Nullabor railway was built debt free, interest free “By utilising Australian notes in this manner the Commonwealth Government avoided debt, interest-charges and taxation, and, before it finally entrusted the Australian Notes Account to the Common­wealth Bank, it made enough money out of that account to pay the greater portion of the construction cost of the East-West Rail­way, the remainder coming out of revenue. (Hansard, Vol. 129, p. 1930) 9th edition page 5

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