Page 463 - Week 02 - Thursday, 3 March 1994
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Mr Kaine: The revenue potential is irrelevant to an economic analysis.
MR MOORE: I take Mr Kaine's point. I also point out that all the public comments by people like Mr Wood have been that there is a revenue potential of some $6m to $8m.
Mr Wood: Discuss that separately.
MR MOORE: But you have just said that it is irrelevant, and I was prepared to accept that. They go on to say, and this is most important:
On balance, we judge that the revenue potential is not likely to differ by a material amount under either option.
I accept that. We then have a section on accounting for betterment taxes, and I put some lines down it and a question mark after it before I had read Professor Neutze's comments. I think it is important to read Professor Neutze's comments on this, and I draw members' attention to the fact - - -
Mr De Domenico: He is wrong.
Mr Wood: He is wrong again.
MR MOORE: Here we have Mr Wood, the Minister, and Tony De Domenico saying that Professor Neutze is wrong.
Mr De Domenico: On this point, he is.
MR MOORE: On this point. This is the same Professor Neutze whose qualifications on betterment just might be a little more respected than yours, who is head of the Urban Research Unit, and who did a report for the Joint Committee on the ACT, headed by Mr Langmore.
Mr Wood: He is a great asset to the ACT, but he is not infallible.
MR MOORE: But Mr Wood and Mr De Domenico are infallible on betterment! We know that because Mr De Domenico, after all, is a Liberal who stands on a policy that we should do away with leasehold altogether. At least Mr Wood has delivered for Canberra and for the people of Canberra 100 per cent betterment on commercial properties, and I hope that he will see the light and make the extra - - -
Mr Wood: There was a more significant change than that.
MR MOORE: He indicates that there were more significant changes than that. Certainly, the way it was valued was a more significant change, and it is something I congratulated him on at the time and I continue to do so. I would like him to extend it to non-commercial properties. I think that comes through in the comment by Professor Neutze, which is important. Professor Neutze has written at point 5:
The Assessment seems confused about betterment, though it does not feature in the calculations of cost saving. It is a matter to be taken into account in considering the financial costs and returns to the ACT Government from the alternative courses of action.
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