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Wednesday, 21 October 1964

Senator MARRIOTT - My question is addressed to the Minister representing the Treasurer. Is it not a fact, as is stated in the annual report of the Commonwealth Bank Officers Association Credit Union Co-operative Ltd., that there are about 21,000 credit unions in the United States of America and about 4,600 credit unions in Canada, all of which are not subject to taxation? Is it not also a fact that the Australian credit union to which I have referred, with a membership of 6,532, has its profits taxed at the rate which is applied to public companies? Has consideration been given to releasing Australian credit unions from the burden of company taxation?

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