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Tuesday, 25 March 1997
Page: 2358

Senator LUNDY(1.54 p.m.) —I would like to take up a few points that Senator Kemp raised, given he quite specifically invited me to do so, and explain to him that we are not talking about a tax haven here. We are talking about protecting the money of the working people who may put their money in RSAs if this act proceeds. We are talking about ensuring that the banks cannot tap into these accounts and bleed them with extraordinarily high and unfair fees and charges.

The motivation for this amendment is protection of the interests of the low income earners who will be the ones pushed towards the use of RSAs. So, Senator Kemp, I reject completely the notion you are putting forward. In fact, it highlights once again that not only have you not got a grip on this issue but also you resort to furphy arguments to try to substantiate your position. Quite clearly we are concerned about the interests of the working people—a significant proportion of them probably low income earners. If their hard-earned money is put into these RSAs, they will be bled dry by the banks with fees and charges. You cannot say that we have not seen example after example of this happening to date with bank charges.