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LOANS BILL 1986

Order of the Day read for the adjourned debate on the motion of the Minister for Finance (Senator Walsh)-That this Bill be now read a second time-And on the amendment moved thereto by Senator Messner, viz: At end of motion, add ""but the Senate notes with concern the continuing increase in the nation's indebtedness, the continuing balance of payments and trade crisis, the continuing high levels of interest rates and the government's cosmetic approach to the reduction of its spending outlined in the recent Budget''.

Debate resumed.

Question-That the words proposed to be added be added-put.

The Senate divided

AYES, 33

Senators- Alston Archer Baume, Michael Baume, Peter Bjelke-Petersen Boswell Brownhill Carrick, Sir John Crichton-Browne Durack Guilfoyle, Dame Margaret Haines Harradine Kilgariff Knowles MacGibbon Macklin Mason Messner Newman Parer Puplick Reid (Teller) Sanders Short Siddons Teague Townley Vanstone Vigor Walters Watson Withers

NOES, 26

Senators- Aulich Black Button Childs Coleman Colston Cook Crowley Devlin Elstob Evans Foreman Georges Giles McClelland McIntosh McKiernan Maguire Morris Richardson Robertson (Teller) Ryan Sibraa Tate Walsh Zakharov

And so it was resolved in the affirmative.

Main Question, as amended-put and passed.

Bill read a second time.

The Senate, according to Order, resolved itself into Committee for the consideration of the Bill.

In the Committee

Bill, by leave, taken as a whole.

Senator Messner, by leave, moved the following amendments together:

Page 1, clause 1, line 5, leave out ""Loans'', insert ""Loan''.

Page 1, clause 3, definition of ""defence service'', line 11, leave out ""a financial year'', insert ""the financial year''.

Page 2, clause 3, definition of ""financial year'', paragraphs (a) and (b), lines 2 and 3, leave out the paragraphs, insert ""the year ending on 30 June 1987;''.

Page 2, clause 3, definition of ""relevant appropriation Act'', lines 4 to 15, leave out the definition, insert the following definition:

"" "relevant appropriation Act', in relation to the financial year, means-

(a) the Supply Act (No. 1) 1986-87; or

(b) an Act, whether passed before or after the commencement of this Act, appropriating the Consolidated Revenue Fund for the service of the financial year ending on 30 June 1987, being an Act that is expressed to have effect subject to this Act.''.

Page 2, clause 4, line 19, leave out ""a financial year'', insert ""the financial year''.

Page 2, clause 4, lines 19 to 27, leave out ""that financial year'' (thrice occurring), insert ""the financial year''.

Debate ensued.

And it being 2 p.m., the Senate having resumed-