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Thursday, 15 June 1989
Page: 4082


Senator WALSH (Minister for Finance)(12.04) —In respect of the contributions tax, or the bring forward tax as Senator Watson calls it, the Treasurer (Mr Keating) gave a commitment that no individual would be worse off. That commitment is taken up by the anti-detriment clause to which I referred earlier. However, the wider claim that has been made about the entire package is that no individual would be worse off. As I have said, I am not aware of the Treasurer having made such a promise. I do not need to quote again from the May statement as it is clear in that statement that the 15 per cent tax is a tax on fund earnings. The Treasurer's statement applies to the 15 per cent tax on fund earnings. Even though it has been asserted here ad nauseam, I am not aware of the Treasurer having made any promises that, because of the tax provision on fund earnings, no individual would be worse off. But he did point out in the May statement that no individual would be worse off, providing the funds adjusted their investment portfolio-a point which I have made several times in this debate.