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Wednesday, 8 March 1961

Mr HAROLD HOLT - The Government is very conscious of the importance to individual subscribers to life assurance companies and superannuation funds of the investments that they make in that way and the benefits that they ultimately secure. These policy-holders have, I suggest, a very direct interest in the stability of the currency of this country. They have a direct interest in ensuring that inflation does not get out of hand. Virtually all of them are also taxpayers and as such they have an interest in seeing that the Government does not require of them contributions to capital programmes beyond the level which is necessary in the circumstances. They expect the Government to secure reasonable contributions to the loan programmes of the governments of the Commonwealth and the States. All these things have been in our minds in our examination of this general programme. When I give the full details of the Government's proposals, as I hope to be able to do before the House completes this sessional period, I am quite certain that they will be well understood and approved by the overwhelming majority of people who have life assurance policies or who have an interest in superannuation funds.

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