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Tuesday, 30 November 1965

Mr SWARTZ - I did read a report in the Press relating to this matter. I made some investigations and I understand that the report is quite correct. We have no control over the investment policy of the funds, but we suggest to them that it would be preferable for them to invest in gilt edged securities. In most instances they do so. Anyone looking at the investment programme of the Medical Benefits Fund of Australia Ltd. will find that it has generally followed a policy of investing in gilt edged securities, with some exceptions. I have already made some inquiries and I will certainly make further inquiries about its future investment policy.

Mr Whitlam - Does the Government guarantee the stability of the funds?

Mr SWARTZ - No, there is no guarantee, but we do have a very definite interest to ensure the soundness of the funds.

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