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Wednesday, 30 August 1972
Page: 880

Answer

No. The President of the Superannuation Board states that it is not the policy of the Board to make loans at low interest rates; neither is it policy to lend money to land development companies secured on housing subdivisions.

(2)   Question

If so, why did the Government permit it to do so rather than advance the funds to Public Service building societies, whereby the Public Service could have stood the benefit?

Answer

As stated in my interim reply yesterday morning, the Superannuation Fund is established by statute which places a clear authority for the investment of the Fund upon the Superannuation Board. This is an important responsibility and the Government would not consider it proper to instruct the Board in carrying out its trustee functions.

(3)   Question i

Will the Treasurer investigate whether any of the Parkes Development group of companies has serving on its board a supporter of the Government - in fact, a former' Treasurer- in ah endeavour to ascertain whether ' a conflict of interests exists in these transactions?

Answer

I have ascertained that in a Press 'report on 5th July 1972 it was announced that Mr L. H. E. Bury had become a director of Parkes Management Ltd as from 16th June 1972. As honourable members will know, Mr Bury is a former Treasurer. Because there have been no ' transactions of the kind raised by the honourable member, there is no substance in the allegations imputed by his question. I am reliably informed that Mr Bury has never made any representations to the Superannuation Board in support cif investments by commercial organisations.







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