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Thursday, 19 March 1931


Senator Sir GEORGE PEARCE asked the Minister representing the Treasurer, upon notice -

1.   Has the Government received a telegram from the Bank of New South Wales, the Commercial Banking Company of Sydney Limited and the Australian Bank of Commerce Limited, drawing attention to Income Tax Act (No. 2), recently passed by the Parliament, and pointing out that this legislation appears to enact unfair discrimination against income of banks and financial institutions, and will reduce the capacity of these institutions to assist governments and the community, also that it will militate against a reduction of interest rates, and have other serious consequences ?

2.   Will the Government give early and serious consideration to these representations, with a view to affording some relief by amending legislation?







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