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SUPERANNUATION—INVESTMENT IN AUSTRALIAN ART

Senator Milne amended general business notice of motion no. 167 by leave and, pursuant to notice of motion not objected to as a formal motion, moved—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 put and passed.