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Hansard
- Start of Business
- QUESTION
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- OVERSEAS INVESTMENT
- POST AND TELEGRAPH BILL 1960
- INCOME TAX AND SOCIAL SERVICES CONTRIBUTION ASSESSMENT BILL (No. 3) 1960
- INTERNATIONAL ORGANIZATIONS (PRIVILEGES AND IMMUNITIES) BILL 1960
- LOAN (AUSTRALIAN NATIONAL AIRLINES COMMISSION) BILL 1960
- PATENTS BILL 1960
- INCOME TAX AND SOCIAL SERVICES CONTRIBUTION ASSESSMENT BILL (No. 3) 1960
- LOAN (QANTAS EMPIRE AIRWAYS LIMITED) BILL 1960
- AGREEMENT
- WITNESSETH:
- ADVANCE TO THE TREASURER 1959-60
- JUDGES' REMUNERATION BILL 1960
- SNOWY MOUNTAINS HYDROELECTRIC AUTHORITY BILL 1960
- ALUMINIUM INDUSTRY BILL 1960
- QUESTION
- PERSONAL EXPLANATION
- ASSENT TO BILLS
- BILLS RETURNED FROM THE SENATE
- SPECIAL ADJOURNMENT
- LEAVE OF ABSENCE TO ALL MEMBERS
- BILLS RETURNED FROM THE SENATE
- ALUMINIUM INDUSTRY BILL 1960
- ADJOURNMENT
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ANSWERS TO QUESTIONS
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International Labor Organizations Conventions
(WHITLAM, Gough, OPPERMAN, Hubert) -
Patents Act: Convention Countries
(WHITLAM, Gough, BARWICK, Garfield) -
Aborigines
(BEAZLEY, Kim, MENZIES, Robert) -
United Nations
(CAIRNS, Jim, MENZIES, Robert) -
Australian Military Forces
(BEAZLEY, Kim, STOKES, Philip, CRAMER, John) -
Defence Forces Pensions
(BRYANT, Gordon, HOLT, Harold) -
Banking
(WARD, Edward, FRASER, Malcolm, HOLT, Harold) -
The lodgments in October and November, 1959, represented calls to the Special Accounts of the trading banks. The Banking Act 1959, which came into operation on 14th January, 1960, replaced the special account system with the statutory reserve deposit system. The initial reserve deposit ratio of 16.5 per cent, determined by the Reserve Bank required the lodgment of an additional £2.7 million on the commencing date. The net lodgment of £16.5 million in February, 1960, mainly reflected on increase on 10th February of 1 per cent, to 17.5 per cent, in the statutory reserve deposit ratio. The ratio has remained unchanged since that date, and subsequent changes reflect automatic lodgments to or releases from statutory reserve deposits in line with movements in the banks' deposits
(FRASER, Malcolm, HOLT, Harold) -
Sales Tax
(DALY, Fred, HOLT, Harold) -
Overseas Borrowings
(UREN, Tom, HOLT, Harold)
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International Labor Organizations Conventions
Mr WHITLAM (Werriwa)
.- The Opposition opposes this clause, which makes the remuneration of the High Court justices retrospective to 1st October last. This is an unusual feature in Commonwealth legislation. No reason has been given for itsbeing inserted in this particular bill. The bill was introduced at 2.30 yesterday morning. It was introduced without any announcement in this Parliament, and no reference has been made to any announcement concerning the legislation outside the Parliament. There is no reason for making this legislation retrospective. Legislation as to salaries has been made retrospective in the past only after it has been recommended as a result of an inquiry that salaries at a higher rate shall be payable from a certain date, or after a governmental announcement, usually in the Budget, that certain changes would be made from a given date. The Opposition would not oppose this clause if this bill were to come into operation in the normal way - that is, from the date on which it receives the Royal assent. There is no reason for making this measure retrospective, and the Opposition accordingly opposes this clause.
