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home / archives / 1975 / 23rd July

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You can start small!

The Whitlam Government was desperate to reduce Australia's huge deficit. Treasurer Jim Cairns had been sacked in June for involvement in what became known as the Loan's Affair where there was an attempt to raise capital overseas. Millionaire Mr Gerry Kalridis had to face a Senate Inquiry but was the middle man who went on to survive the Loans Affair.

Bill Hayden replaced Jim Cairns as Treasurer. Frank Crean also replaced Cairns as Deputy Leader of the Labor Party and as Deputy Prime Minister.