Page 2357 - Week 08 - Tuesday, 12 August 2014
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In the context of ACT government office accommodation, there is a significant allocation for the fit-out of the ACT government office building in Gungahlin that is part of the ACT government accommodation strategy. We will be debating that in more detail in private members’ business tomorrow, I understand.
There is an $18 million allocation for new infrastructure in Molonglo, one of the allegedly too many development fronts that we have in the city according to the shadow treasurer. As my colleague Mr Rattenbury indicated there is a particular commitment in partnership with the Next Generation club, Tennis Australia and Tennis ACT for a further stage of development of the Lyneham sports precinct. For the benefit of the shadow minister for sport, the great thing about this project is that it has a significant community sport element but also provides the facilities that will allow the ACT to host more major tennis events, both development events and major events like the Davis Cup and the Fed Cup.
It is fantastic that our investment has been able to leverage support from Tennis Australia and a significant investment from the Next Generation club group that goes to over $20 million. In the context of attracting new investment to the territory, there are great opportunities for us to partner with local and national level sporting bodies as well as national and international level investors to bring new community sport and recreation facilities to the city, but also allow us to host major events in the future.
Before I wrap up my comments in the Treasury area, I think it is worth while to share a little of volume 3, the special budget adviser’s report and supplementary analysis. This was the bit that the shadow treasurer did not feel he could read into the public record, so I will. In relation to taxation reform and its impact on economic activity, it is interesting that the CIE observed:
While being revenue neutral, the replacement of revenue from conveyance duty with revenue from general rates will have both macroeconomic and distribution impacts for the ACT economy. Overall, this tax reform is expected to have a positive though modest impact on the tax base and the ACT economy. Perhaps more importantly, the tax reform will help to improve the equity and stability of the taxation system.
And they go on to say:
There is strong rationale for replacing revenue from stamp duty with revenue from general rates … There is strong rationale for replacing revenue from stamp duty with revenue from general rates. This rationale was recently outlined in Australia's Future Tax System (Henry) Review and then the ACT Taxation (Quinlan) Review 2012. The former review emphasised that stamp duty is an inefficient and inequitable tax.
But that does not seem to stop the Canberra Liberals from wanting to support it and wanting to increase it, as the Leader of the Opposition has outlined more than once in debates with me on ABC Radio. He does not believe that stamp duty should be reduced, and then, when challenged, indicated to Philip Clark, when he asked, “If you are not reducing it, then would you reverse it?” that “Well, yes, I guess we will have to because we are seeking balance.”
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