Nick Sherry (Tasmania, Australian Labor Party, Shadow Minister for Banking and Financial Services) Share this | Hansard source

Capital gains, as Senator Murray, I am sure, is going to make the point. Senator Ronaldson came in here and voted for a capital gains tax cut for foreigners, and he is opposed to foreigners’ tax cuts. Senator Ronaldson and this government continue to support the tax concessional superannuation treatment for foreigners who come to this country and work temporarily. There are plenty of examples of tax cuts for foreigners that you and Labor have voted for because the policy presented at the time justified the cost. That is what Labor argues here. The modest cost of $30 million justifies the cost in terms of the incentive and the growth and the impact on the growth of Australia’s very important financial services sector. I have highlighted that in my previous contributions. They are the essential issues that we have continued to debate.

I am looking forward to the parliamentary secretary’s contribution because he actually allowed this debate to go on last night. He could have said, ‘We want to get the bill,’ last night, but you dashed in and gave what I consider to be a most unhelpful and inaccurate intervention to which we have had to respond.