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Tuesday, 17 August 1993
Page: 12

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

  That the Senate—

    (a)notes that:

      (i)the Senate Standing Committee on Community Affairs has received 160 submissions and about 2000 letters in relation to its inquiry into the Government's plan to treat unrealised gains on shares as income for social security and veterans' affairs purposes,

      (ii)virtually every one of these submissions and letters from pensioners, veterans and financial institutions expresses grave concerns about the Government's proposal,

      (iii)in the week beginning 8 August 1993, the editorials of at least four major newspapers have called on the Government to drop or amend its shares proposal, and

      (iv)members of Labor's caucus are reported to have strongly criticised the shares proposal on 16 August 1993 calling on the Parliamentary Secretary to the Minister for Social Security (Mr Sciacca) to explain the inevitable political fallout from this harsh and inequitable measure; and

      (b)calls on the Government to abandon this measure which the Chairman of the Australian Stock Exchange has described as `flawed in principle, flawed in application and discriminatory against investments in listed shares'.