Nick Sherry (Tasmania, Australian Labor Party, Minister for Superannuation and Corporate Law) Share this | Hansard source

I gave you the courtesy of 10 or 15 minutes to read it. Thank you for acknowledging that what I am outlining is correct. The original figure was $1.42 billion and the revised figure is $1.345 billion, and that is what is in the explanatory memorandum, so the change is $75 million on the amendments we are currently debating for the changes to the single-income bonus paid to recipients of family tax benefit part B. That is my response to that issue and question that Senator Abetz raised.

Let me go to another issue he raised—the timing of the payment. We have moved amendments and he has questioned the timing of the delivery given the change to the figures. This was considered at the Senate committee hearings, Senator Abetz. I do not know whether you were there or not, but it was reported to the Senate committee—and this was discussed at the committee hearing—and the government has been advised by Centrelink and the ATO that changes to payment amounts will not affect the timing of the payment. And that is what these amendments go to—payment amounts, not the parameters of the payments. So, yes, the government has been advised that the timing of the delivery of the package can still be met.

Senator Abetz also went to the issue of the impact on jobs. Having accepted now that the figure is $75 million in this financial year, the number of jobs is based on the highest point of spending—that is, in 2009-10—and the payment changes are in 2008-09. As to the overall savings, the savings that result from these amendments and the amendments I am yet to move will be redeployed into further stimulus areas. I have reported to this chamber the very productive and positive approach taken by the minor parties and Independents to these negotiations. The savings I have outlined will be redeployed to other fiscal stimulus as is appropriate.