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The Chair of the Select Committee on Superannuation (Senator Watson),

pursuant to notice of motion not objected to as a formal motion,

moved--That the following matters be referred to the Select Committee on

Superannuation for inquiry and report by 30 June 1996:

(a) whether members of the Investment Committee of the Reserve

Bank's Officers' Superannuation Fund (OSF), in the normal course

of their duties:

(i) participate in the monetary policy formulation process,


(ii) have access to market-sensitive information not

available to the general public;

(b) whether members of the OSF Investment Committee had

foreknowledge of monetary policy changes or movements when

making decisions:

(i) to sell bonds in June 1994, or

(ii) to buy bonds in December 1994 and January 1995;

(c) the impact of the decision of the Investment Committee on the

value of the bond portfolio arising from significant movement in

that portfolio prior to the bond market crash;

(d) the propriety of the investment management arrangements of the

OSF, including the possibility of conflict of interest, and

whether the trustee's duties have been properly discharged; and

(e) whether, in following its duties as trustee, the actions of the

Investment Committee amounted to insider trading.

Question put and passed.