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Tuesday, 25 March 1997
Page: 2431

Senator KEMP (Assistant Treasurer)(9.19 p.m.) —We will be moving some amendments later in the debate. This is to the financial transactions report. We will be dealing with the issues of the point of entry, which we think are reasonable, and the point of exit. That debate has been covered. This is the 100-point test. We do not accept the 100-point test at the point of commencing an account. But, on the point of exit from an account, the 100-point test which is used for bank accounts will be applied. We will be dealing with that particular matter later. I am not sure whether I can add more to it. I think you asked about item 13; is that right?

Senator Colston —Yes.

Senator KEMP —I think there may be some confusion on running sheets here, Senator. Just bear with us. We believe that it would argue against our fundamental position to allow an employer to open an account for an employee. We do not accept that the arguments that are put there are valid. Again, it is part of the general thrust of most of these amendments, which is to bias the choice against RSAs.

The TEMPORARY CHAIRMAN (Senator Chapman) —Before we proceed, I have just had further advice. It is my understanding that it is opposition amendment 16 that is in conflict with Democrats amendment 16, not opposition amendment 17. They are the two amendments that deal with subclause (3). I am seeking to clarify whether it is opposition amendment 16 or opposition amendment 17 that conflicts with proposed Democrat amendment 16 before we proceed.