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Tuesday, 8 May 1984
Page: 1747

Senator COLSTON —I direct a question to the Minister representing the Treasurer. My question has been prompted by the disclosure that the General Manager of the Queensland State Government Insurance Office Building Society, Mr Ashley Goldsworthy, received a loan of $121,303 at a concessional interest rate of 8 per cent. At that time the commercial lending rate was about double that figure. Is it normal for low interest loans to be part of a remuneration package for executives of banks and building societies, as Mr Goldsworthy suggests? Is the concessional part of any such loan regarded as income and taxed accordingly?

Senator WALSH —I am not aware of the specific case to which Senator Colston referred. Because of that, I do not think I can really do much, other than to say that I will refer his question to the Treasurer to see what comment he has to make on it.