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Tuesday, 6 April 1965


Senator HENTY - Perhaps I should explain one or two things to the honorable senator. If his question referred to something which came within the administration of my own Department, naturally I would have greater knowledge of it than of something which came under the control of another Minister. I merely represent the Treasurer in this House. The honorable senator said that a colossal blunder had been made. The facts of the matter are that contributions to the Superannuation Fund were based on the earning power of the Fund at a certain rate of interest, but the Fund earned a higher rate of interest than was anticipated and a surplus was accumulated.

I can tell the honorable senator that there was no blunder. The contributions were based upon a certain assumption, but under the competent Government which administers it at the present time the Fund did a little better than was expected by the Actuary. If the honorable senator places the remainder of his question on the notice paper I will see that he receives a reply from the Treasurer.







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