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Thursday, 25 March 2004
Page: 21948


Senator HARRIS (1:58 PM) —This is one occasion when I am not going to thank the parliamentary secretary for the answer, because the answer appears to be totally contradictory. Unless the amounts that are currently held within that fund are actually borrowings then why would they need, with the 11c per litre coming in, to go out and enter into futures contracts? I could understand the government taking revenues from bonds and putting those into the funds but I cannot perceive in any way at all the necessity for this entity to be able to enter into currency contracts or futures contracts. It is a total contradiction.