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Tuesday, 18 May 1993
Page: 655


Senator BJELKE-PETERSEN —I give notice that, on the next day of sitting, I shall move:

  That the Senate—

  (a)condemns this Government's introduction of a shares tax plan which seeks to assess as `income' the unrealised capital gains of all shares held by pensioners when determining their future pension entitlements under the assets test;

  (b)notes that approximately 60 000 pensioners are likely to face an average pension cut of between $700 and $1 000 a year as a result of the changes; and

  (c)deplores the fact that such legislation, which is a blatant revenue-raising measure by this Government, will discourage pensioners from supporting Australian companies and, as such, should not be allowed to proceed.