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Tuesday, 16 March 1971

Senator Sir KENNETH ANDERSON (New South Wales) (Minister for Supply) (5.1.7) - I accept the comment made by Senator McManus. If he refers to the speech that I delivered, he will find that in substance the point that I made with respect to this matter was:

While that is the effect of the Bill, :i number of submissions have been made by industry that the investment allowance should continue to be available under transitional arrangements covering a variety of other circumstances.

The honourable senator has talked in terms of a circumstance. My speech continued:

These representations, which cover a complex field, are receiving careful consideration. If the Government wishes to adopt any of the proposals that have been made, it will ask the Parliament to give effect to ils decisions by further amending legislation.

I well remember that when this legislation was being considered the point now raised by Senator McManus was brought to our attention. There is a transitional problem in the case he mentioned. In the second reading speeches by the Treasurer and myself reference has been made to this.

Bill agreed to.

Bill reported without amendment; report adopted.

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