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Thursday, 23 March 1972
Page: 847

Senator CAVANAGH (SOUTH AUSTRALIA) - I desire to ask a question of the Minister representing the Treasurer. Has the Treasurer considered the report of Mr Caffin, the Commonwealth Actuary, on his investigation of the Parliamentary Retiring Allowance Fund and his statement that to overcome a deficit in the Fund the relevant Act should be amended to permit a wider field of investment of the Fund and power of investment in securities of a longer period of maturity? Did the Actuary report that the alternative to such an amendment would be increased contributions by members to overcome a deficit of some $115,000? What is the Government doing about the report?

Senator Sir KENNETH ANDERSON It is axiomatic that the first thing the Commonwealth Actuary would have done is to provide the Treasurer with the report to which the honourable senator has referred. On the assumption that Senator Cavanagh obtained this information in the normal way, I would say that the Treasurer has received the report. I can only add that it will be under scrutiny and examination by the Treasurer. I think we are all aware of certain elements of the parliamentary retiring allowance scheme which on their face value need close scrutiny. I assure the Senate that they are being given close scrutiny.

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