That this bill be now read a second time.

That all words after “That” be omitted with a view to substituting the following words: “whilst not declining to give the bill a second reading, the House condemns the Government for a Budget which:

(1)   delivers grossly unfair tax relief which favours the highest income earners at the expense of ordinary Australian families;

(2)   ignores the crippling effect of punishingly high effective marginal tax rates on workforce participation;

(3)   imposes harsh conditions on the income of the most vulnerable members of the community;

(4)   fails to invest in skills and infrastructure disregarding repeated warnings from the RBA and OECD about skills shortages and infrastructure bottlenecks;

(5)   exposes Australians to the risk of higher interest rates as a result of capacity constraints and escalating economic imbalances;

(6)   predicts a significantly slowing rate of real GDP growth to below the Australian long-term average and considerably below world GDP growth;

(7)   confirms continuing unsustainable current account deficits into the future;

(8)   predicts a continuing increase in Australia’s foreign debt;

(9)   predicts import growth to exceed export growth; and

(10)   contains a proposed Future Fund which is focused on offsetting the superannuation liability of Commonwealth employees at the expense of sensible long-term investment in vital infrastructure”.