House debates

Monday, 18 March 2024


Treasury Laws Amendment (Tax Accountability and Fairness) Bill 2023; Consideration in Detail

1:51 pm

Photo of Stephen JonesStephen Jones (Whitlam, Australian Labor Party, Assistant Treasurer) Share this | Hansard source

I want to thank the members for Wentworth and Goldstein for their contributions. I acknowledge that they have engaged in good faith on these measures, including the amendments, and other bills that have come forward in my portfolio before now, and I look forward to them continuing to do so. I also note that people can engage in good faith and, frankly, just disagree, and this is one of those occasions.

Briefly, the reasoning for not supporting the amendments is this: this package of laws has come forward as a result of two separate reviews, the first of which was initiated back in 2014. We want finality and certainty. We've implemented the change. We've looked at all the competing views and forces. Frankly, in the community and even in this parliament there are people who want more gas, there are people who want less gas and there are people who want no gas and, therefore, no revenue arising out of the gas. I think that's a fairly accurate summation of the views right across the chamber. We're trying to strike the right balance, and we believe the 90 per cent deductions cap strikes the right balance in ensuring that we have sufficient gas supply, particularly for the manufacturing industry in Australia, for as long and until we have a viable economic alternative energy source, particularly for those sectors. For the Australian people, it means that we'll get more revenue sooner and provide certainty for industry. I don't believe that the amendments moved by the member for Wentworth will deliver on that objective. Parliament is ultimately the reviewer of all measures and bills that come before this House and will continue to do so.


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