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Wednesday, 20 May 1970

Mr UREN (Reid) - I do not want to labour this point but the honourable member for Lilley (Mr Kevin Cairns) in his speech during the second reading debate on this Bill highlighted the fact that there was no control by the Reserve Bank over the Corporation. I do not know how any person with a commonsense understanding of clause 7 (5.) of the Bill could come to that conclusion. I followed the honourable member in the second reading debate. I pointed out this aspect and ( will read it to him again. 1 think the Minister for Shipping and Transport (Mr Sinclair), who is in charge of the Bill made it perfectly clear in reply that the Reserve Bank had complete control over this organisation. Clause 7 (5.) states:

The Corporation may supplement its borrowings outside Australia by borrowing moneys within Australia but the total amount that may be borrowed by the Corporation within Australia in any period of twelve months ending on the thirtieth day of June shall not exceed such amount (if any) as is determined by the Reserve Bank of Australia in respect of that period.

If the honourable member is not clear on the matter he has only to read clause 6 which will further clarify this aspect of the Reserve Bank's authority over this Corporation.

The honourable member for Lilley is simply over emphasising the question of restraint. It is remarkable that this honourable gentleman, who is a member of the

Liberal Party which is supposed to stand for liberal terms, should be so concerned about restraints and controls, lt is almost laughable that the honourable member should emphasise and re-emphasise the importance of the restraint that must be placed on this organisation. As I said in my speech on the second reading, I have great respect for the draftsmen of this legislation. I believe that the legislation will be as a grain of sand in the desert in dealing with the real problems that face Australia. But it is at least a grain of sand. 1 commend the Government for taking even that step. I think that the restraints that are being called for by the honourable member for Lilley are not necessary. That is why we on this side of the chamber are not going to become terribly upset about it and why we shall accept the amendment.

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