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Monday, 15 October 1973
Page: 2058

Mr MARTIN (BANKS, NEW SOUTH WALES) - My question is directed to the Treasurer. Has his attention been drawn to the report of the Australia and New Zealand Banking Group Ltd opening a branch in the Channel Islands? Is the Treasurer aware that this bank had previously opened a branch in the New Hebrides? Are both these places well known as tax havens? Does the Treasurer consider that the action of the ANZ Bank, in seeking to encourage tax avoidance, is unAustralian? Will the Treasurer give an assurance to the House that he will take appropriate action to curb this pernicious practice?

Mr CREAN (MELBOURNE PORTS, VICTORIA) (Treasurer) - I have said on several occasions that I regard the resort to tax havens by anybody as a despicable practice and I will take any action whatever that is possible in Australia against moves to have transferred from Australia for the evasion of tax funds that ought to be properly taxed. There is some difficulty in operating in areas that are not our Territories. The action we took with respect to Norfolk Island was action we could legislate upon internally. In regard to other areas, I will have to rely on banking powers and exchange regulations, and I will use them to the utmost rigour of the law.

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