Page 2710 - Week 07 - Wednesday, 6 June 2012
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significant national reform. I will quote CommSec’s chief economist, Craig Jones, who has described the decision as a “groundbreaking move with national implications”. The Institute of Chartered Accountants have described the ACT’s tax reform package as a “big step forward”. They state:
What we are seeing from the ACT sets the tone for what can be achieved on state tax reform.
Members interjecting—
MR SPEAKER: Stop the clock, thank you. Members, I am actually having difficulty hearing Mr Barr. I expect to be able to hear him. Members, let us just tone it down, thank you. Mr Barr, you have the floor.
MR BARR: Thank you, Mr Speaker. It might have escaped those opposite that over the course of—
Members interjecting—
MR SPEAKER: I have just asked; I will start with warnings very shortly and I will start naming people after that. I expect to be able to hear the minister.
MR BARR: Over the course of the last few years there has been a significant debate occurring in this country about the need for tax reform. The work that Dr Ken Henry undertook in the Australia’s future tax system report clearly indicated that there was a need for reform of state and territory taxation. That need was reinforced by the work undertaken in the Quinlan review, which outlined a series of recommendations for reform.
This government has taken on that challenge to move away from inefficient transaction taxes towards a broader base for our tax system. Broaden the base, lower the rates: a very simple philosophy, and one that you would presume that even the shadow treasurer—
Mr Smyth interjecting—
MR SPEAKER: Mr Smyth.
Mr Hanson interjecting—
MR SPEAKER: One moment, Mr Barr. Mr Smyth and Mr Hanson, I am now placing both of you on a warning for interjecting. I expect to be able to hear the minister. Mr Barr, you have the floor.
MR BARR: Thank you, Mr Speaker. As I was saying, those reforms are universally accepted by all economists as being the right direction for state and territory taxation reform. Across the country people are looking at this reform package as an important first step towards a more efficient tax system. The dead-weight loss that is removed, the burden that is removed from our economy, as a result of the transition away from
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