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Thursday, 11 October 1984
Page: 1698

(Question No. 1108)

Senator Peter Rae asked the Minister representing the Minister for Transport, upon notice, on 5 September 1984:

(1) Has the Government established a target real rate of return for the operation of the Australian National Line; if so, what is the rate, and how is it calculated.

(2) If such a rate had or has existed for the past years what was the rate in each of those years.

(3) If no steps have been taken to set a real rate of return then why not.

Senator Gietzelt —The Minister for Transport has provided the following answer to the honourable senator's question:

(1) No.

(2) No such rate was established for the past years.

(3) Under Section 29 (1) of the Australian Shipping Commission (ASC) Act 1956, the Commission has to determine a financial target for the ensuing financial year. The financial target may be a specified profit, neither a profit nor a loss, or a specified loss. The Minister, under Section 29 (2) of the Act, may determine a different financial target. The requirement for the Commission to establish its financial target was inserted in the ASC Act by the ASC Amendment Act 1983, which had bipartisan support.