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Tuesday, 10 December 1974
Page: 3315

Senator COTTON (New South Wales) - Mr Deputy President,this Bill presents no great problem to the Opposition. The original legislation was introduced in 1972 by the Liberal-Country Party Government under Mr McMahon as Prime Minister and is still being used by the current Government to handle its problem of foreign takeovers of companies. It is stated that an extensive job is being done on putting new legislation together but this is not yet ready. It has taken a long time to do, but that is a matter of the Government's own priorities in its own house and not a matter for anybody else. The life of the Act was extended last year to give it a further 12 months operation and it is now being extended until the end of 1975. The Opposition is in accord with the wish of the Government and, in agreeing to pass the legislation, simply observes that by the time the legislation which we are going to get one day is introduced the Government will have utilised for probably 3 years the legislation that we brought in. It seems to have been effective; it seems to have achieved its purpose. Accordingly, I imagine that the Government has given the new legislation a rather lower priority than it might otherwise have done. I can see little point in becoming involved in a long debate about something on which we all agree. Therefore I support the measure.

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