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Friday, 30 October 1970

Dr Klugman asked the Treasurer, upon notice:

(1)   Has he received a submission from the Council of Commonwealth Public Service Unions regarding the Superannuation Board.

(2)   If so, what is the nature of the submission.

(3)   Is the rate of return on the Superannuation Fund only approximately equal to die loss if value of the investments due to inflation.

Mr Bury - The answer to the honourable member's question is as follows:

(1)   and (2) No. However the Council of Commonwealth Public Service Organisations informed my Department on 1 May 1970 that it had made a comprehensive review of the Superannuation Act, that it had adopted new policies as a result of that examination and that it intended to develop its policies in more depth before submitting them for formal consideration.

(3)   The rate of interest earned by the Superannuation Fund in each of the last five financial years was as follows:


To the extent that annual average earning rates can be related to an inflationary trend in terms of accepted economic indicators, the rates of return shown would be higher than any erosion in the real value of investments held by the Fund owing to inflation for the yean shown.

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