Page 4615 - Week 16 - Tuesday, 27 November 1990
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I would like to ask Mr Duby, at any rate, whether the Government took these matters into consideration in making their decision, and whether they have figures available on the impact of the increased financial institutions duty versus the Commonwealth debits tax. I know that Mr Duby said, when introducing the Bill, that he expected it to be revenue neutral, or to have a very marginal effect on the raising of revenue. I just wonder whether he actually has figures available on what he expects that impact to be. I would ask, if the Government has those figures, that Mr Duby make them available so that the Assembly and the community can understand and can comment upon this taxation decision by the Government. Perhaps Mr Duby could take up these issues in his right of reply.
The second area of concern, which is one that I will be speaking about later this evening as well, is the lack of public information and consultation on this measure. Mr Duby said in his speech that he had announced the decision on 25 October. It is true, I believe, that he put out a media release on that day, but I do not believe it was reported in the Canberra Times. I do not, in fact, recall it being picked up by the other media. He said that the decision was taken after consultation "with important industry groups and financial institutions". It is not surprising that the Minister also said that responses to the ACT choice had been very favourable, particularly when the only people who, in fact, knew about it were the banks and the building societies.
I do think it is important, and I am sure that the vast majority of members of this Assembly would agree, that people have an opportunity to know about a decision which will affect everybody in the community. The Government could, perhaps, consider drawing this decision to the attention of groups like the Consumers Association and the Council of Social Service which, I am sure, would congratulate Mr Duby on the exemption for social security pensions even if they had no other comment to offer.
My final area of concern is one that Mr Humphries raised last year. In fact, he was quite vociferous on the matter. My concern relates to Mr Duby's announcement about the decision to increase the financial institutions duty without it being debated in this Assembly. We, on this side of the house, do not believe that it is acceptable for rates of tax or rates of duty to be determined only on the Minister's say-so. With the creation of the Assembly, I do not believe it is appropriate simply to place in the hands of Ministers the power to determine taxation rates. That is an issue, amongst others, that was raised last year, while Labor was in government, and which we took on board in response to comments from members opposite. It is a matter of principle, I believe, that those rates ought to be debated and set in this Assembly.
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