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Thursday, 1 April 1965

Senator PALTRIDGE (Western Australia) (Minister for Defence) . - Senator Wright clings to the belief that the three groups of people who are to be approved initially will apparently retain an exclusive right to this field of insurance for all time.

Senator Wright - No, I do not. I read the relevant words this morning. The Minister has said that from time to time other classes may be included.

Senator PALTRIDGE - That is right. And yesterday the honorable senator said, to quote his own words, that that did not mean anything.

Senator Wright - Well, the Minister did not quote me correctly.

Senator PALTRIDGE - I ask the honorable senator to look at the " Hansard " report.

Senator Wright - I want the Minister to do so.

Senator PALTRIDGE - I have said continually that to get this organisation going it is necessary, for administrative reasons which have been frankly acknowledged, to start in the modest way proposed. It is certainly the intention of the Minister for Housing to broaden the field of lenders. It may well be that, when he declares the classes of approved lenders, they will be found to go beyond the three classes proposedthat is, the banks, insurance companies and building societies. Already in a debate in another place the Minister has made direct reference to trustee companies.

All I can say in respect of what Senator Wright has put forward is that, if we proceeded on the lines that his amendment would make necessary, we certainly would attract a flood of individual applications that would call for an administrative effort which at this point of time it would not be possible to undertake. For that reason, and for that reason only, we are approaching this matter in the way in which I have indicated. I cannot say more than that. Senator Wright must either agree or disagree. I repeat that that is as far as I can go.

The matter raised by Senator Ormonde is adequately covered by the powers that will be conferred upon the Corporation itself. The Corporation will have the power to determine whether or not it will insure. It will not insure unless it is satisfied that the terms are such that a borrower might reasonably be expected to accept.

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