AUSTRALIA

Greymouth Evening Star, 7 December 1945, Page 9

AUSTRALIA

PARLIAMENTARY PENSIONS. SYDNEY, December 6. A Bill before the New South Wales Legislative Assembly provides that the members, by paying £ 1 per week from their salary of £875 a year, will be guaranteed a pension of £6 a week for life after they cease to be members, provided, however, that they have served in at least three Parliaments. If they cease to be members before they have served in three Parliaments, their contributions will be refunded. The widow of a member entitled to a pension will receive £3 per week. The Chief Secretary, Mr. Baddeley, introduced the Bill. He said that, after meeting all expenses incidental to his position, a member could rarely make proper provision against the time when he retired or was defeated. Mr. Baddeley said that he could give no definite answer as to how much the scheme would cost the Government. FEDERAL LOANS CANBERRA, December 6. Commonwealth loans have always been normal investment for the Savings Bank, said Mr Chifley, commenting on a statement by the Leader of the Country Party, Mr Fadden, that since 1941 not one loan had been genuinely subscribed to the extent claimed by the Federal Government because Savings Bank deposits had been used. Mr Chifley said the Central Bank credit has not been used nor have trading banks’ subscriptions been accepted for Commonwealth loans.