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Democrats to pass pooled development funds bill



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P A R L I A M E N T O F A U S T R A L I A ยท T H E S E N A T E

SENATOR KARIN SOWADA Australian Democrat Senator for New South Wales

MEDIA RELEASE 17 June, 1992

DEMOCRATS TO PASS POOLED DEVELOPMENT FUNDS BILL

"The Australian Democrats will support the Government's Pooled Development Funds legislation in the Senate today, thus ensuring its passage," said Senator Karin Sowada, Democrat spokesperson on Industry, Science and Technology.

"The potential benefits to Australia's high technology export industries are too great for the passage of this package to be put at risk by the whims of a self-interested Opposition.

"Development and marketing of new technologies and industries will be much more attractive to superfund investment under the new arrangements.

"The revised legislation, consisting of the Development Allowance Authority Bill 1992 and the Pooled Development Funds Bill 1992. contains improved tax deduction benefits and less restrictive investment conditions.

"With assured Democrat support, fund managers can start planning their investments now, secure in the knowledge that Coalition political grandstanding cannot delay or water down this initiative.

"Australia has a long and depressing record of marketable innovations sent overseas for lack of local development funds.

"Hopefully this legislation will help to remedy the regrettable lack of support for new industries so far shown by many investment fund managers," concluded Senator Sowada.

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For further information, please call Karin Sowada on (06) 277 5899 or (018) 205 860.

Commonwealth Parliament Offices, 56-70 Phillip Street, Sydney, N.S.W. Postal Address: G.P.O. Box 36, Sydney, N.S.W. 2001 Telephone: (02) 252 2222 Facsimile: (02) 252 2226