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Wednesday, 23 March 1994
Page: 2112

Senator SHERRY (Parliamentary Secretary to the Minister for Primary Industries and Energy) (6.21 p.m.) —In response to Senator Short's question this morning, I inform him that we may be able to give him some more accurate information tomorrow. The government would be concerned that there would be a significant loss of revenue if this legislation were not passed this week. I cannot give any quantifiable figures; however, we believe that there would be significant loss of revenue. I will attempt to obtain a more accurate figure than that. As I said earlier, there is potentially some $5 billion involved in this. My briefing notes give some detailed breakdown about that potentiality, but I do not want to go into that detail now. As to the precise quantity of revenue that could be lost if the matter is not dealt with for another two or three months, I cannot give the exact figure tonight.

  Progress reported.