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Tuesday, 25 March 1997
Page: 2352


Senator KEMP (Assistant Treasurer)(1.22 p.m.) —Once they are outside the trust structure, they are outside SIS. They are not regulated by anybody. I think the issue, as it is broken down here, is: is there going to be a choice? Senator Lundy made that point.


Senator Murphy —You're trying to dodge the issue. That is your problem.


Senator KEMP —Well, I have said there is going to be a choice. We have said that we do not agree with the amendment but, nonetheless, public offer superannuation funds will be able to offer RSA look-alike products. So I think we have dealt with the issue. This will be covered under the SIS regs. I think we have dealt with the issue that you have raised, Senator, and I think we have dealt with the problem that Senator Sherry has raised, but time will tell.