Michael Sukkar (Deakin, Liberal Party, Assistant Treasurer) Share this | Hansard source

We don't support the amendments moved by the member for Whitlam. This is just another example, perhaps quite understandably, of the opposition trying to get ahead of an area that the government has already taken action on. As the shadow Assistant Treasurer referred to, on 27 January the Treasurer announced that Treasury will undertake—and, therefore, is in the process of undertaking—a targeted public consultation on the merits of the current stamping fee exemption. These amendments really undermine that review by predetermining its conclusion and its ultimate recommendation. We believe that thorough public consultation will allow the government to make an informed decision on whether to retain, remove or modify the stamping fee exemption, ultimately to ensure that the interests of investors are protected and, of course, that capital markets remain efficient and globally competitive.

The opposition should know that failing to take the temperature of the public has contributed to the lack of faith that so many in the business community have in the Labor Party in particular. We won't go down that path. We believe that this targeted consultation is important. As we saw with director identification numbers, the government's quite ambitious project with MBR, this is just another example of Labor trying to get ahead of what is obviously an area where the government is taking action. We don't support the amendments moved by the shadow Assistant Treasurer.

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