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Monday, 2 December 1985
Page: 2648

Senator BOSWELL —My question is addressed to the Leader of the Government in the Senate. In view of Senator Button's stated opposition to monopolies, amalgamations and conglomerates, will he give an assurance that in the guidelines the Government is bringing down on industry superannuation schemes it will ensure that the superannuation industry will be controlled by registered life insurance agents and life insurance companies and it will not allow the biggest monopoly in Australia to be formed by giving the Australian Council of Trade Unions full control of the $3 billion premium income a year from the industrial superannuation scheme?

Senator BUTTON —I congratulate Senator Boswell on his awareness of my well-stated opposition to monopolies, amalgamations and mergers-I think he said.

Senator Boswell —Conglomerates.

Senator BUTTON —Conglomerates. I thank the honourable senator; I had forgotten about that but I am very grateful to be reminded. I appreciate it. I have been asked a couple of questions about superannuation. The first was whether I will ensure that appropriate life officer people-I do not know who the appropriate people are-will be in charge of these schemes. I cannot give any such assurance. I am asked whether there will be full ACTU control of these schemes. It has never sought that so I imagine it is unlikely there will be. However, these matters will be subject to negotiation in the next few weeks. As I indicated earlier today in Question Time, as soon as the guidelines are fully in place the Government will advise the Senate of that fact.