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Thursday, 11 June 1970

Mr BURY (WENTWORTH, NEW SOUTH WALES) (Treasurer) - 1 am not quite certain about " which reports the honourable member has in mind. He is fight in pointing put that any fund to which employees contribute as much as 11 1/2% of their salaries is superannuation. For the most part such superannuation is bought at considerable cost to the individual. Regarding the recent legislation, the House will remember that it removed the disability facing retired Commonwealth public servants and, more particularly, retired members of the Defence forces so that they could accept Crown employment without reduction of their superannuation benefits. The superannuation had been earned by payments over the years and had nothing to do with their subsequent employment. The superannuation was a right they had previously gained. The object of the recent draft Bill which I brought before the House is to apply to former members of Parliament the same principle as that which Commonwealth public servants and retired members of the defence forces have enjoyed for some years.

For some time past representations have been ' made by honourable members from both sides of the House to make the position of members of Parliament similar to that of retired public servants and exservicemen receiving payments from the Defence Forces Retirement Benefits Fund. The Bill put before the House represents proposals worked out and agreed to by the Parliamentary Retirement Trust on which all honourable members are represented. We have since learned from the Leader of the Opposition that this provision does not enjoy the support of a good many honourable members on the other side of the' House. Because of this the legislation will not currently be proceeded with.

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