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Wednesday, 14 September 1983
Page: 851

Mr CARLTON(2.26 a.m.) —These amendments to the National Health Act 1953 deal with the new provisions for the registered funds. They represent the miserable allowances that the Minister has allowed the funds to keep with 40 per cent of their remaining business after 60 per cent has been nationalised. There are a number of detailed provisions in the legislation which require clarification. There is certainly a need for the clarification of the diversification opportunities of these funds. I point out that the diversification opportunities which the Minister is graciously allowing the funds will not help except, perhaps, in the very long term to offset the severe employment losses that will be brought about by the nationalisation proceedings. It will take some time for funds to diversify into other areas. It is not easy to build up new business in new areas in this day and age. Certainly the business will not build up quickly enough to save the employees who will be sacked in February 1984.

Clauses agreed to.

Remainder of Bill-by leave-taken as a whole.