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Tuesday, 20 September 1994
Page: 982

Senator WATSON —I give notice that, on the next day of sitting, I shall move:

  That the resolution of the Senate of 15 December 1993 referring to the Select Committee on Superannuation terms of reference to review the operation of the Superannuation Guarantee Charge legislation be modified to provide that the committee present its report on or before the last sitting day in December 1994.

I seek leave to make some brief explanatory remarks.

  Leave granted.

Senator WATSON —I thank the Senate. The committee is still taking evidence on this reference. Hearings are being conducted this week and another has been scheduled for 4 November 1994 in Berri in South Australia. The Treasury has yet to make a written submission on this reference. No doubt its ability to submit has been somewhat constrained by the work it has had to do in preparing the June superannuation statement by the Treasurer (Mr Willis) which was designed to address the small amounts problem. The reference is a complex and difficult one which involves balancing a number of competing interests. The committee needs additional time to present a detailed report on this critical retirement incomes issue.