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Thursday, 10 February 2011
Page: 468

Senator MILNE (12:30 PM) —I seek leave to amend general business notice of motion No. 167 standing in my name for today relating to DIY superannuation funds.

Leave granted.

Senator MILNE —I move the motion as amended:

That the Senate—

(a)   notes that:

(i)   the Cooper Review into superannuation in 2010 recommended that private investment in art no longer be an eligible investment for do-it-yourself (DIY) superannuation schemes, and

(ii)   after a strong campaign by artists concerned that the local art market would be seriously damaged by this move, the Government promised during the 2010 election campaign to reject this recommendation; and

(b)   calls on the Government to:

(i)   abide by its election promise, and

(ii)   ensure that any conditions do not act as a disincentive for DIY superannuation schemes to invest in Australian art.

Question agreed to.