Note: Where available, the PDF/Word icon below is provided to view the complete and fully formatted document
 Download Full Day's HansardDownload Full Day's Hansard    View Or Save XMLView/Save XML

Previous Fragment    Next Fragment
Tuesday, 22 November 1960

Mr BURY (WENTWORTH, NEW SOUTH WALES) - I wish to ask the Treasurer a question concerning the proposed new legislation by which large undertakings will be taxed on the cost to them of interest on money borrowed other than from banks. In view of the timing of this measure and its likely profound effect on the financial structure, is it designed to be temporary in order to meet current difficulties only or is it designed to be permanent? If the measure is designed to be permanent, what action, if any, will be taken with regard to new companies in our fast developing country to offset the enormous competitive advantages which would otherwise be conferred on existing large and wealthy corporations? What will be the position of parties who, prior to last Tuesday, had already committed themselves contractually to new issues of debentures or interestbearing notes, including underwriters who had taken up new issues firm and printed prospectuses on the basis of existing law but had not already gone on the market by that day?

Suggest corrections