Chris Bowen (McMahon, Australian Labor Party, Shadow Treasurer) Share this | Hansard source

I move:

That so much of the standing and sessional orders be suspended as would prevent the Member for McMahon from moving the following motion forthwith—

That the House:

(1) notes:

(a) both Morgan Stanley and Deutsche Bank have advised the bank tax is likely to fall short of forecasts in the Budget;

(b) yesterday in Question Time, the Treasurer used a figure to defend his bank tax which represents only 9 months of payments against the full 12 month figure reported by the banks;

(c) the big four banks have reported the bank tax will raise $965 million over 12 months;

(d) the Budget clearly states the bank tax will raise $1.6 billion over 12 months;

(e) this leaves a significant shortfall in the bank tax, blowing a $2 billion black hole in the Budget over four years; and

(f) the Treasurer sought to mislead this House about the bank tax and his $2 billion black hole; and

(2) calls on the Treasurer to:

(a) admit there is a $2 billion black hole in the Budget because of his incompetence;

(b) admit he sought to mislead the House about his $2 billion black hole;

(c) come clean by immediately releasing the bank tax legislation and explaining how he intends to fill the $2 billion black hole he has blown in the Budget; and

(d) apologise to every Member of this House for his underhanded attempts to mislead them.

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