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Wednesday, 3 June 1942

Mr CHIFLEY (Macquarie) (Treasurer) . - I move -

That it is expedient that an appropriation of revenue be made for the purposes of a bill for an act to grant and apply out of the Consolidated Revenue Fund a sum for invalid and old-age pensions.

The purpose of this bill is to provide £22,000,000 out of the Consolidated Revenue Fund for the payment of invalid and old-age pensions. This measure is similar to that periodically submitted to Parliament for the purpose of appropriating an amount from the Consolidated Revenue Fund for payment into a trust account to enable pensions to be paid at rates already approved by Parliament. The balance of the appropriation now remaining is sufficient only to meet pension payments to the middle of this month. Parliament is now being asked to approve of £22,000,000, which is approximately a year's expenditure. This figure compares with an expenditure of £17,366,000 in 1940-41 and of £19,865,000 in 1941-42. The amount now proposed to be appropriated will not be withdrawn from revenue immediately. Revenue is only drawn upon for payment to the Trust Account as required to enable pension payments to be made as they become due.

This measure has no relation whatever to the rates or conditions under which invalid and old-age pensions are paid. These have been dealt with separately. This bill seeks the provision of funds for the purpose.

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