I move:

That this bill be now read a second time.

This bill is a part of implementing the First Home Super Saver measure in schedule 1 of the Treasury Laws Amendment (Reducing Pressure on Housing Affordability Measures No.1) Bill 2017.

The bill imposes the First Home Super Saver Scheme tax. This tax is intended to remove the incentive to withdraw money using the scheme without ultimately buying a first home or recontributing to superannuation.

Full details of the measure are contained in the explanatory memorandum to the Treasury Laws Amendment (Reducing Pressure on Housing Affordability Measures No.1) Bill 2017.

Debate adjourned.