Chris Bowen (McMahon, Australian Labor Party, Shadow Treasurer) Share this | Link to 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.

Tony Smith (Speaker) Share this | Link to this | Hansard source

I have called the Leader of the House. The Leader of the House has moved that the member for McMahon be no longer heard. Is that correct? Yes.

Mr Burke interjecting—

No, I did give him the call, but the member for McMahon kept yelling at the top of his voice. I am sorry you could not hear it, but you had better deal with it in-house down there on your front bench. The question is that the member for McMahon be no longer heard.

Tony Smith (Speaker) Share this | Link to this | Hansard source

Is the motion seconded?

Mr Tony Burke (Watson, Australian Labor Party, Shadow Minister for Finance) Share this | Link to this | Hansard source

Seconded. An incompetent Treasurer is the banks' best friend. It is exactly what they want.

Tony Smith (Speaker) Share this | Link to this | Hansard source

The Leader of the House has the call. The Manager of Opposition Business will resume his seat.

Christopher Pyne (Sturt, Liberal Party, Leader of the House) Share this | Link to this | Hansard source

I move:

That the Member be no longer heard.

Tony Smith (Speaker) Share this | Link to this | Hansard source

The question is that the Manager of Opposition Business be no further heard.

Christopher Pyne (Sturt, Liberal Party, Leader of the House) Share this | Link to this | Hansard source

I move:

That the question be now put.

Mr Champion interjecting—

Tony Smith (Speaker) Share this | Link to this | Hansard source

The member for Wakefield will leave under standing order 94(a). I am trying to address the House.

The member for Wakefield then left the chamber.

The question is that the question be put.

The question is that the motion moved by the member for McMahon be agreed to.