Richard Colbeck (Tasmania, Liberal Party, Parliamentary Secretary to the Minister for Finance and Administration) Share this | Hansard source

I will answer the last question first, Senator Murray. My advice is that none of the Australian double tax treaties take account of a reduced rate so the rate of 30 per cent applies in all circumstances. In respect of your initial question regarding the Trade Practices Act, I will have to refer that to the Parliamentary Secretary to the Treasurer to get some advice. I do not have that information available to me at this point, particularly as we are not necessarily talking about the Trade Practices Act here this morning. But I am happy to refer that to the Parliamentary Secretary to the Treasurer to get some advice in relation to your specific question in relation to the Trade Practices Act, recognising your interest in that particular matter.

There is probably a lot that I could say in relation to the debate that has gone forward here this morning but I will not say too much. I will note that, given the comment that we are in the top four in this area in the world—and that the United States has a 30 per cent withholding rate and France has a 25 per cent withholding rate—I am not sure that the rate is necessarily one of the key drivers. I do understand that the industry puts that forward as a key argument but I think there are other factors in play and note that, in respect of the costings, there is a very wide range. I think the Labor Party’s initial costing was $15 million—that was mentioned in the budget address-in-reply—and that has now morphed to $30 million. The basis of that depends on the gearing assumptions that are placed in the calculations. I think that gives an indication that there is a fairly broad range for the basis of the calculations. I thank senators for their contributions.

Bills agreed to.

Bills reported without amendment; report adopted.