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Thursday, 1 April 1965

Senator WRIGHT (Tasmania) . - Last night there was considerable argument upon the principle involved in subclause (1.) of clause 5. I suggest that there is no justification whatever for classes of persons being selected by the Minister as the only classes of lenders whose loans should be insured under this Act. The principle of discrimination is repugnant. The question of acceptability for insurance should depend entirely upon the propriety of the terms and conditions of the loan, not merely from the point of view of integrity but also from the point of view of soundness of security. I find the subclause in question especially unacceptable when it is accompanied by a statementby the Minister that the classes of lenders who will be approved will include banks, life insurance companies and building societies, not forgetting that " as time goes on other classes of lenders will almost certainly be approved ".

I look forward to dividing the Committee on this sub-clause and on this question of principle so that we shall have on record which parties in the Senate and which individual senators advocate the selection of special classes of lenders and which advocate the availability of loan insurance for lenders generally if the terms and conditions of the security, from the point of view of integrity and soundness, are otherwise unobjectionable. I move -

Leave out sub-clause (1:).

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