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Thursday, 15 June 1989
Page: 4143

Senator WALSH (Minister for Finance)(4.47) —I will be brief. Of course, the Government will not be accepting the Opposition amendment, principally for two reasons: Firstly, there is an obvious cost to revenue in it, although that cost in the early years will not be a great deal. However, it would continue to grow over time. Secondly, it is self-evident that it is heavily skewed in favour of people with larger lump sums or who are higher income earners generally. I was surprised at the extent to which it was skewed in that direction. In 1987-88, the most recent year for which we have figures, less than one-half per cent of lump sums affected by this provision were in excess of $55,000. So the Government's belief is that, in going to $60,000, it has certainly gone far enough.