Page 2711 - Week 07 - Wednesday, 6 June 2012
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inefficient taxes to more efficient taxes will deliver benefits to every single Canberran.
The removal of distortion in economic activity from this transition away from those inefficient taxes to the more efficient tax base has benefits for business, has benefits for households, has benefits for the community sector, has benefits across the board. Our overall economy benefits. Good public policy, evidence-based public policy, should be supported, and I welcome the support that has come from across the business sector in the territory. I welcome the support of the Greens party, who have considered the issues and recognise the need to make this change. So once again—
Mr Seselja interjecting—
MR BARR: The Leader of the Opposition might interject but it is—(Time expired.)
MR SPEAKER: Mr Hargreaves, you have a supplementary question.
MR HARGREAVES: For the benefit of those people who do not understand economics 101, can the Treasurer please indicate—
Mr Doszpot: Aren’t you talking to Andrew?
MR HARGREAVES: Can I start again, please, Mr Speaker?
MR SPEAKER: Just focus on the question, Mr Hargreaves, thank you.
MR HARGREAVES: I would like to. I just lost my train of thought because of Mr Doszpot’s interjection. Can the Treasurer please indicate how this tax reform will impact on the budget bottom line, and does he have anything else to add to his former answer?
MR BARR: Obviously, as you move away from those volatile, inefficient transaction taxes to a broader based land tax for the collection of revenue, revenue certainty increases, the planning of future expenditure decisions is made easier. It is, I think, universally accepted that, for good budgeting, you need to be able to plan the important investments in the community services that this city needs, and this tax change is important.
It is also timely to commence this reform now, rather than wait. We have the opportunity—we are uniquely placed, of all jurisdictions—to undertake this reform and it is important that we do so. It is important because we need to ensure that there are drivers for economic growth in this economy into the future. Taxation is top of the list in terms of areas for reform when small business is surveyed, when we look at the need to remove distortions in terms of efficient housing allocation in the city.
It was not that long ago that those in the Liberal Party actually used to believe in these things but it would appear not. If the Leader of the Opposition’s interjection is that the Greens have endorsed it, it shows, I think, that the Greens party have made a significant contribution to this debate, have advanced and have got something to say
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