Senator SHERRY (Deputy Leader of the Opposition in the Senate)(12.27 p.m.) —That is completely incorrect, and I am being generous in saying `completely incorrect'. Senator Kemp, we are approaching the fib of the year with that one. It is not a deliberate attempt to mislead. I will accept it was an honest incorrect claim.

As I said earlier, our amendment No. 6 ensures that anyone who entered into an employee share scheme in accordance with your announcement, Senator Kemp, will not be disenfranchised by the amendments that have just been carried. That is the intention of our amendment. Therefore, if any schemes were offered that were open to greater than 66 per cent of employees but fewer than 75 per cent, then this amendment will ensure that, for the 1996-97 year, no employee will be put at risk as a consequence of having their scheme declared invalid. That is as I am advised. We do not accept your comments on this provision.