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Wednesday, 24 July 1946

Mr CHIFLEY (MACQUARIE, NEW SOUTH WALES) (Prime Minister) - Consideration waa given some months ago to the point raised by the honorable member in regard to superannuation payments. Although thu cost of living, has been increased since the inception of the f und, the contributions of employees of the Public Service other than new contracts have remained unaltered.' . The' benefit now received is thus in 'accordance with the payments made, The fund was actuarially based on the assumption that the interest return on investments made by the Superannuation Board would be approximately 4$ per cent. Owing to interest rates Having been steadily pressed down, however, that return is not being achieved, with the result , that the' Consolidated Revenue Fund is now bearing the greater portion' of the pension payments. That nas been the experience of other contributory superannuation schemes initiated by the State governments. The Commonwealth superannuation fund is backed by the Government and accordingly thera need be no fear that pensioners, will not continue to receive the payments to which they are entitled. However, I - shall again look into the matter and see whether anything can be done. When the possibility of increasing the nuit value was considered- some

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