Chris Bowen (Prospect, Australian Labor Party, Assistant Treasurer) Share this | Hansard source

in reply—I thank all honourable members who have contributed to this debate. The Tax Laws Amendment (Luxury Car Tax—Minor Amendments) Bill 2008 corrects some anomalies in amendments moved in the other place by minor party and Independent senators. I would again like to emphasise that these are technical amendments to the legislation. The measures in this bill ensure that the amendments moved in the other place during the debate on the increase to the luxury car tax operate as intended.

I note that one of the provisions being amended was supported by the opposition without the issue of its operation being raised at the time. Now they come in and ‘tut tut’ about technical anomalies that they did not raise at the time. The finance industry and the motor vehicle industry came to the government after that debate and raised their concerns about the interaction of those amendments with the vehicle financing arrangements. We are always more than happy to listen to industry groups, and we listened to those concerns and are acting to provide certainty to car buyers, finance companies and dealers. The measures in this bill are not expected to have any impact on revenue over the forward estimates.

I note from the opening remarks of the shadow minister for trade, transport, regional development and local government that the opposition will not oppose this bill, which we welcome. His remarks were followed by a series of illogical and hypocritical contributions by other members opposite. Many honourable members opposite took the opportunity to discuss the merits of surpluses versus deficits. The inconsistency of those contributions while talking about a revenue measure appeared to pass them by. The hypocrisy of their contributions appeared to escape them, as they complained that the global financial crisis had led to the situation in which a potential deficit was possible while railing against a revenue measure as they continued their opposition to the revenue and savings measures instituted by the government at the last budget. They indicated that they are ferociously and ideologically opposed to deficits at the same time as opposing a government measure to ensure the continued robustness of the revenue base for the taxpayer.

The previous government’s spending record was recently described by Access Economics in terms that would be grossly unparliamentary. I would not think for a second to use those terms in the House, but they are there on the public record for all to see. The previous government’s spending record was described in grossly unparliamentary terms by Access Economics. Their spending was out of control. Fiscal profligacy will always be a mark of the Howard-Costello years. I commend the bill to the House.

Question agreed to.

Bill read a second time.

Message from the Governor-General recommending appropriation announced.

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