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Wednesday, 20 May 1970

Mr Kevin Cairns (LILLEY, QUEENSLAND) - I move:

That the following new clause be inserted in the Bill: 25a. - (1.) The Minister, with the concurrence of the Treasurer and after consultation with the Corporation -

(a)   shall, not later than one month before the commencement of each financial year, determine the percentage of the capital of the Corporation that would represent a reasonable return to the Commonwealth fromthe operations of the Corporation in that financial year, and give notice in writing to the Corporation of the percentage so determined; and

(b)   may, at any time during a financial year, by reason of a change in circumstances, by notice in writing to the Corporation, amend a determination under the last preceding paragraph. (2.) In performing their functions under the last preceding sub-section, the Minister and the Treasurer shall take into account, in addition to other relevant matters, the profits, in relation to capital employed, that have been and are expected to be, made by comparable financial institutions.'.

My intention is merely to move the amendment. I do not intend to take it to the vote. I think that the argument which is appropriate to this amendment has been submitted previously. There are substantial and good reasons why it should be supported. I refer to the Australian National Airlines Bill of some years ago in which the former Prime Minister and the then Treasurer indicated that a return on the capital employed would be appropriate. In that respect I refer to Hansard of 1961. I do not want to amplify this reference. I had thought that the terms relating to a lender of last resort or a return on the capital were the alternatives. If one was to be rejected the other would be supported. If the Corporation was concerned with the nature of the economic society in which we operate I would have expected that both were not to be rejected. I fear they will be rejected but I propose the amendment for the consideration of the Committee.

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