In 1974–75 the government began negotiations for US$4 billion in foreign loans in order to fund state development of Australia's mineral and energy resources. Minister Rex Connor conducted secret discussions with a loan broker from Pakistan, and the Treasurer, Jim Cairns, misled parliament over the issue. Arguing the government was incompetent following the Loans Affair, the opposition Liberal-Country Party Coalition delayed passage of the government's money bills in the Senate, until the government would promise a new election. Whitlam refused and the deadlock ended when his government was controversially dismissed by the Governor-General, John Kerr on 11 November 1975. Opposition leader Malcolm Fraser was installed as caretaker Prime Minister, pending an election.