In Australia, the costs of major investment had traditionally been met by state and Federal governments and heavy borrowing from overseas was made by the governments in the 1920s. A Loan Council set up in 1928 to co-ordinate loans, three-quarters of which came from overseas. Despite Imperial Preference, a balance of trade was not successfully achieved with Britain. "In the five years from 1924... to... 1928, Australia bought 43.4% of its imports from Britain and sold 38.7% of its exports. Wheat and wool made up more than two-thirds of all Australian exports," a dangerous reliance on just two export commodities.