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Wednesday, 17 November 1993
Page: 2974


Senator LEES (Deputy Leader of the Australian Democrats) —I give notice that, on the next day of sitting, I shall move:

  That the Senate—

  (a)notes:

    (i)the hardship being experienced by many pensioners who have lost money through the stock exchange listing of property trusts, and are losing again due to the treatment by the Federal Government of unrealised capital gains of Managed Investments, and

    (ii)that in one specific case, a couple who invested $10 000 in managed income units have had their combined pension reduced by $50.15 per fortnight, although the value of their investment remains less than $10 000; and

  (b)calls on the Government to repeal this legislation to ensure retired Australians who have attempted to provide themselves with an adequate retirement income are not further penalised.