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Tuesday, 25 March 1997
Page: 2405


Senator ALLISON(5.53 p.m.) —I move:

(5)   Clause 38, page 28 (line 28), at the end of paragraph (i), add ", ensuring that the objective of providing a low-cost product is met".

Democrats' amendment No. 5 is, to some degree, a fall-back position. This amendment is an alternative, as I have said, to amendments 3 and 4. It seeks to place an obligation on the ISC to administer RSA operating standards in a way which would encourage low fees. As we have said before, this would appear to be the government's intention, but it is not made clear in the act. At the inquiry, the ISC gave evidence that it would not be particularly active in looking at fees. So we think it is important that a positive duty be written into the act to force, if necessary, the ISC to look at the fees if they are to be allowed—it seems they will be.