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Tuesday, 17 February 1987
Page: 4

(Question No. 939)


Senator Messner asked the Minister representing the Treasurer, upon notice, on 20 February 1986:

(1) Will union-controlled superannuation have massive amounts of investment moneys which may be available for investment by union-controlled Trustee Companies.

(2) What controls will be placed on Trustee Companies to ensure that the criteria for investment will be based solely on maximising returns on the funds.

(3) What controls will be imposed to ensure that groups of union-controlled funds will not be used to take over or influence key industries for political purposes.


Senator Walsh —The Treasurer has provided the following answer to the honourable senator's question:

(1) and (2) The honourable senator is referred to the answer I have provided to Question No. 938.

(3) See answer to Question No. 938. It is also relevant that, as I indicated when announcing the operational standards, the question of establishment of a general limit (say 5 per cent) on the assets of a fund which may be invested in any single company, asset or person will be given further consideration in consultation with relevant interest groups.