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Wednesday, 28 November 1973
Page: 2230


Senator BYRNE (Queensland) -As I indicated earlier, the Senate has been having a cognate debate on 2 Bills, the Australian Industry Development Corporation Bill and the National Investment Fund Bill. I moved an amendment to the motion for the second reading of the Australian Industry Development Corporation Bill and I am indebted to the Senate, to both the Government and the Opposition, for favourable consideration of that amendment. I can only hope that the deliberations of the Select Committee on Foreign Ownership and Control, after its examination, will prove fruitful. If there are improvements to be effected or if there are reassurances to be given I hope that that Committee will be able to come up with solutions and draw attention to things that might well be eliminated if it is considered wise and proper to do so. I think that Senator Cotton has expressed views that I would also express. Senator Cotton is a member of that Committee, as am I and Senator McAuliffe and other honourable senators in the chamber. I can assure the Senate that the investigations of that Committee will proceed as rapidly as possible, allowing for the intervention of the short Christmas period. The deadline set for the presentation of the report of the Committee is 12 March 1974 and we certainly hope that its report will be available at that time.

I now wish to speak to the particular Bill before us, the National Investment Fund Bill. I will now move the appropriate amendment in regard to it. It is identical with the amendment I moved in relation to the Australian Industry Development Corporation Bill. To the motion 'That the Bill be now read a second time' I now move:

Leave out all words after 'That', insert 'the Bill be referred for inquiry and report to the Senate, as soon as possible, but not later than 12 March 1974, to the Select Committee on Foreign Ownership and Control, which is hereby authorized to consider the Bill'.







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