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CREDIT UNIONS

Mr Neville, pursuant to notice, moved—That this House:

(1) recognises the significance of the credit union movement in the framework of Australia's financial services;

(2) recognises the contribution of 200 Australian credit unions and their 3.5 million members not only to the concept of mutuality but also as an alternative source of housing and domestic finance;

(3) notes its role in providing banking-type and lending services in country and many other areas vacated by the traditional banks;

(4) recommends a reassessment of ASIC and APRA regulations (commensurate with the size and role of credit unions); and

(5) requests a re-examination of taxation, franking credits and register requirements as they apply to credit unions.

Debate ensued.

The time allotted for the debate having expired, the debate was interrupted, and the resumption of the debate made an order of the day for the next sitting.