Note: Where available, the PDF/Word icon below is provided to view the complete and fully formatted document
 Download Full Day's HansardDownload Full Day's Hansard    View Or Save XMLView/Save XML

Previous Fragment    Next Fragment
Wednesday, 20 May 1970

Mr IRWIN (Mitchell) - If the amendment to clause 8 (2.) were not so serious it would be humorous. The Australian Industry Development Corporation, if it sticks strictly to clause 8 (2.) of the Bill, will not provide assistance in relation to a particular company unless it is satisfied that that company will operate in an efficient manner and on a profitable basis. I challenge any lender of money who wishes to lend money to a company not formed to lend money within the provisions of that clause. 1 defy any lender of money to do that, because there are many unknowns such as death and sickness that can operate. No lender of money could honestly lend money under that clause. This highlights one of the faults in the scheme that has been brought before the Parliament. As I said previously, the clause is unnecessary and redundant. The only company that the Corporation would bc able to assist would be a company in existence. Because of the limitation of funds available, the Corporation is not likely to be of any great value to any company or firm in Australia.

Suggest corrections