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Wednesday, 5 December 1973
Page: 4285

Mr WILSON (STURT, SOUTH AUSTRALIA) - My question is directed to the Prime Minister. How does he reconcile the statement of the Treasurer that life offices and superannuation funds would be required to invest 10 per cent of their increased assets in Australian Industries Development Corporation securities with the diametrically opposite view of the Minister for Overseas Trade that he has no desire to use compulsion to force such investment? Will voluntary compulsion be achieved by the tax concessions now available to life offices and superannuation funds being withdrawn unless funds are invested in the AIDC?

Mr WHITLAM - Insurance companies are not compelled to invest in Government bonds. The taxpayer, however, gives insurance companies very considerable incentives to do so. I have no doubt that comparable incentives would persuade the insurance companies and superannuation funds to invest in the AIDC. I have been putting this proposal to the public for about 5 years myself. I believe it is overwhelmingly accepted by the community now.

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