Page 2282 - Week 08 - Wednesday, 5 June 2013
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also be a component of stamp duty replacement. But once insurance taxes are abolished we will not need that component of revenue replacement in future rates increases. So they will be around the 10 per cent mark for the next two years and then they will drop. I would also point out that those opposite appear to have not had any understanding of the impact of inflation and the real value of money over time. (Time expired.)
MADAM SPEAKER: A supplementary question, Mr Hanson.
MR HANSON: Treasurer, why won’t you table modelling that shows the full impact on rates by your reforms?
MR BARR: The member can see the modelling for the next four years in the budget papers.
MADAM SPEAKER: A supplementary question, Mr Smyth.
MR SMYTH: Minister, as the reforms only benefit people who were intending to purchase homes, is it not true that every family not planning to move will be financially worse off under your reforms?
MR BARR: Every family that has insurance will get their insurance tax cut completely.
Opposition members interjecting—
MADAM SPEAKER: Order, members! Mr Seselja, Mr Hanson.
MR BARR: It would appear that the opposition’s preference is that people pay a tax on their insurance and then pay GST on that. You cannot abolish taxes and not seek to replace revenue by a more efficient means. If the opposition are suggesting that we should abolish those taxes but not replace the revenue, let them say so.
Mr Hanson: Madam Speaker, on a point of order on relevance, the question is actually very specific. It is about families that are not planning to move, and will they be better off or worse off under these tax reforms.
MADAM SPEAKER: My notes do reflect what Mr Hanson said, so I would ask the minister to be directly relevant to the question: will people be worse off if they are not moving?
MR BARR: If they are not moving then people will be making a contribution through rates and—
Opposition members interjecting—
MR BARR: I would point out, Madam Speaker, that the average Canberra household moves every seven years. They move every seven years, on average; some people more often. What the opposition leader supports is taxing people whose family
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