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Thursday, 8 April 1965

Senator PALTRIDGE (Western Australia) (Minister for Defence) . - I have listened very closely to the submissions made by Senator Cavanagh and Senator Bishop, but nothing they have said has altered the unyielding fact that the scheme to which they have referred is no different from any other employer's savings scheme. In few cases, if any, are schemes designed for the accumulation of long term finance for home purchase. They are savings schemes and as such they are meritorious, but they are not savings schemes which fit into the type of financial operation which is covered by this Bill. I repeat that they . are employers' savings schemes and nothing else. The voluntary savings scheme of the South Australian Superannuation Fund cannot be accepted for the purposes of this legislation.

Question put -

That clause 3 (Senator Cavanagh'* motion) be postponed until after consideration of all remaining clauses.

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