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Wednesday, 20 May 1970

Mr Kevin Cairns (LILLEY, QUEENSLAND) - I want to say a word or two in very friendly defence. I think there is a difference of opinion concerning the proposed amendment which is not covered by clause 7(5.). That clause relates to the activities of the Corporation in respect of borrowing, especially within Australia. Basically the clause says that the total amount of borrowing on the Australian market in any period of 12 months shall be determined by the Reserve Bank. But it is also clear from the clause and from statements of the Minister in respect of other clauses that this is to be a minority of the support for the Corporation. Therefore, if there is to be a Reserve Bunk interest in the activities of the Corporation it is to be an interest in a part of the Corporation that is a very small proportion of its support. Because it is a small proportion it will not have the kind of effect I envisage in the proposed sub-clause. After all, if the Corporation is to do all the things that have been projected for it to do, if it is to enable equity to be retained al a far higher level in so many industries than is attainable at the moment, it is going to be pretty big cheese - it is going to be a pretty big show. If it is to be as large as this we want to have some kind of interest in the range of its activities. lt is for these reasons, and because clause 7(5.) does not cover the kind of position I have indicated, that this amendment is put forward.

Amendment agreed to.

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