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Wednesday, 23 March 1927

Senator PEARCE (Western AustraliaVicePresidentof the Executive Coun) (cil) .- I move-

That the bill be now read a second time.

The purpose of the measure is to authorize the appropriation of£10,000,000 and the payment of that sum into the invalid and old-age pensions trust fund. Up to the present the total appropriation paid into that fund has amounted to £81,250,000, of which £75,447,000 was expended up to the 28th February, 1927, leaving a balance of £5,803,000 in the trust fund. As the expenditure on invalidand old-age pensions is about £9,000,000 per annum, it will be seen that the amount to the credit of the fund is sufficient for only seven months. Therefore, it is desired to appropriate the further sum of £10,000,000 and pay it to the trust fund.

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