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Tuesday, 18 May 1993
Page: 655


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

  That the Senate—

  (a)notes:

    (i)that a determination by the Minister for Social Security (Mr Baldwin) tabled in the Senate on 12 May 1993 reduced the official deeming rate to 4 per cent, and

    (ii)the fact that the deeming rate has now been reduced from 10 to 4 per cent in just over 2 years indicates the huge reduction in non-pension income faced by Australian retirees over this period; and

  (b)condemns this callous and uncaring Government for not providing one cent of tax relief for those retirees with taxable incomes under $20 700, many of whom are struggling to survive on drastically reduced returns on their savings.