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Tuesday, 25 March 1997
Page: 2358

Senator SHERRY (Deputy Leader of the Opposition in the Senate)(1.58 p.m.) —We would be more impressed by the argument that, if this amendment were carried, the entire RSA product would open up tax havens if we had some clear proof and advice of this, Senator Kemp. We have got a minute and a half to go, perhaps you would consider giving us some legal advice about this grandiose new tax dodge that you allege will be opened up? Frankly, I am very sceptical if this is to be your approach on amendments in respect of this legislation—if there is going to be this sort of allegation.

I have noted the time, so I am sure we will not be going on to another amendment. Regrettably, Senator Kemp, despite our best efforts we have unfortunately not been able to get past the first couple of amendments. I think we will have to consult after question time and endeavour to ensure we have got a process in place which ensures a more rapid consideration of the superannuation legislation that we have before the chamber in respect of RSA type products. I make this observation because the Senate is faced with the very daunting task of concluding before Easter. We are faced with the daunting task of dealing with—

Senator Faulkner —An inadequate minister.

Senator SHERRY —I have not got to the inadequacies of the minister yet. We are faced with the daunting task of dealing with the inadequacies surrounding the so-called surcharge legislation tomorrow. We believe it is manifestly inadequate.

Progress reported.