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Thursday, 8 December 1960

Mr WHEELER (Mitchell) .-I shall confine my very brief remarks to the provisions of the bill, and then I shall have finished for the season. The bill not only throws into doubt the payment of interest as provided in the measure but also will, I fear, compromise wider fields of interest and dividend payments. It surely will create repercussions in many directions, and 1 hope that the ensuing bother will inspire a move for a full review of all taxation laws.

There is a complacency among Government supporters. Because this is only a temporary measure the attitude is, "Why worry, it will be all over and done with by the end of June next?". The danger with temporary measures is not only that they tend to become permanent but also that if they are superseded, their pattern becomes the standard for other and more stringent enactments. That is the line of action that has been proposed by the honorable member for Yarra (Mr. Cairns) and the honorable member for Hindmarsh (Mr. Clyde Cameron). They want selective control, but no one knows what selective control means. It is just as indefinable as the Opposition's other catch-cry " democratic socialism ".

I trust that the bill will have the effect that the Government hopes for, but I foresee that it will touch off a series of problems and a spate of applications to the Commissioner of Taxation, the decisions upon which will not be given until long after this bill expires in June next.

Question resolved in the affirmative.

Bill read a third time.

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