Matthew Canavan (Queensland, Liberal National Party) Share this | Hansard source

As is customary, I thank all the senators who have contributed to this debate, as misguided and off topic some of those contributions have been. We had Senator Polley talk about the budget tonight but barely mention the economy, which is a central part, I am sure, of the budget. You would understand, Mr Acting Deputy President, why they would not want to talk about the economy on a day when once again they have been found out: they cannot add up. They struggle to add up, the Labor Party, and tonight they will be shown up again.

This bill relates to our tax system, which will also be a central element of the budget tonight. It is an important update to that system. The Tax and Superannuation Laws Amendment (Medicare Levy and Medicare Levy Surcharge) Bill 2016 amends the Medicare Levy Act 1986 to increase the Medicare levy low-income thresholds for singles, families, seniors and pensioners, in line with increases in the consumer price index. This will ensure that the low-income thresholds keep pace with increases in the cost of living. The amendments to the Medicare levy low-income thresholds apply to the 2015-16 year of income and to future income years. Full details of the measures in the bill are available in the explanatory memorandum. I commend this bill to the Senate.

Question agreed to.

Bill read a second time.