 He submitted a minority report advocating that the private banks be nationalised.After an unsuccessful effort to win back Macquarie at the 1934 election, Chifley finally won his seat back at the 1940 election on a swing of 10 percent.Chifley was appointed Treasurer of Australia when Labor leader John Curtin formed a mid-term Labor government in 1941 following the collapse of the first Menzies government.