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Wednesday, 14 October 1970

Mr GARLAND (Curtin) - Concluding my remarks on the amendments to the Income Tax Assessment Act in relation to convertible notes 1 wish to take up the points put forward by the spokesman for the Australian Labor Party, the honourable member for Melbourne Ports (Mr Crean). Yesterday I had reached the stage of stating that I believe the opposition to the Bill is based on false premises. The basis of the opposition stated by the honourable member can be, in his own words, stated thus, that he believes that the provisions of the Bill will be bad rather than good. I would respectfully suggest that that is an unsupported assertion. It was not backed up by any detail or evidence in his speech. At one stage he sounded satisfied when he said that he was glad that certain officers of the Public Service had obtained tough criteria or tough provisions for this Bill.

I draw the honourable member's attention again to the objectives as set out in the second reading speech in which it was clearly pointed out that the Bill will allow some genuine cases of loans to be raised which will enable cheaper money to be obtained and will make the issues sufficiently attractive to enable more Australian participation than otherwise would have been the case in those undertakings where a period of 7 to 10 years of development is required. At the same time it will give a real choice to note holders with options to equity in those undertakings in due course. On the basis of what we have heard so far, the opposition to the Bill is for opposition's sake. I see that there are more Labor members who are to speak and I will be interested to hear whether they can be more specific.

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