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Notice given 10 November 2011

1459  Senator Ludlam: To ask the Minister representing the Treasurer—With reference to the Select Committee on Housing Affordability in Australia report, A good house is hard to find: Housing affordability in Australia , dated June 2008:

(1) Of the 33 recommendations, of which at least eight directly relate to the department, how many have been implemented to date.

(2) Can an update on any action be provided, including progress and outcomes made on all recommendations relating to the department, since the report was released.

(3) Given that recommendation 4.1 states ‘In the interests of more informed discussion of arrangements to encourage affordable housing, the Treasury be asked to publish current estimates of various taxation and related measures affecting the housing market’, can a current estimate of taxation and related measures affecting the housing market be provided, including a disaggregated breakdown for spending across all relevant departments.

1460  Senator Ludlam: To ask the Minister representing the Treasurer—With reference to Australia’s Future Tax System report , has the department ever conducted any modelling or analysis on:

(a) the number of recommendations it contained relating to the taxation treatment of housing, and specifically, of Recommendation 14 (p. 70) to ‘Provide a 40 per cent savings income discount to individuals for non-business related:

(a) net interest income;

(b) net residential rental income (including related interest expenses);

(c) capital gains (and losses); and

(d) interest expenses related to listed shares held by individuals as non-business investments’;

if so, can the modelling/analysis be described and provided;

(b) Recommendation 51 (p. 263) which stated ‘Ideally, there would be no role for any stamp duties, including conveyancing stamp duties, in a modern Australian tax system. Recognising the revenue needs of the States, the removal of stamp duty should be achieved through a switch to more efficient taxes, such as those levied on broad consumption or land bases. Increasing land tax at the same time as reducing stamp duty has the additional benefit of some offsetting impacts on asset prices’; if so, can the modelling/analysis be described and provided;

(c) Recommendation 52 (p. 263) relating to the benefits of implementing a broad based land tax; if so, can the modelling/analysis be described and provided;

(d) Recommendations 102 to 104 (p. 610) relating to increasing the maximum rate of Rent Assistance to assist renters to afford an adequate standard of dwelling, to index the rent maximum to movements in national rents, to base eligibility on rent paid, and to extend Rent Assistance equitably to public housing tenants; if so, can the modelling/analysis described and provided;

(e) Recommendation 105 (p. 610) relating to housing payments to tenants with high or special needs who may face discrimination in the private market; if so, can the modelling/analysis be described and provided.

1463  Senator Kroger: To ask the Minister representing the Minister for Financial Services and Superannuation—

(1) What government and private sector reviews have been undertaken and made public in respect of securities finance in Australia over the past decade.

(2) How many instances in the past decade have there been of a participant in the clearing facility of the Australian Stock Exchange (ASX) failing to deliver stock on agreed T+3 terms.

(3) How many Authorised Deposit-taking Institutions have been the subject of an enforceable undertaking with the Australian Securities and Investments Commission over the past decade.

(4) Is the Minister aware of any Authorised Deposit-taking Institutions which have been promoting retail margin loan products in respect of stocks outside or below the ASX200; if so, does he believe that such an offering is consistent with the findings of the Parliamentary Joint Committee on Corporations and Financial Services’ inquiry into financial products and services in Australia or the intent of the Corporations Legislation Amendment (Financial Services Modernisation) Bill 2009.

(5) Is the Minister aware of Authorised Deposit-taking Institutions with significant debt portfolios in respect of stocks outside or below the ASX200, does he believe that the current arrangements in terms of capital adequacy of Authorised Deposit-taking Institutions is in any way compromised by such portfolios.

(6) Is the Minister aware of any documents which cast doubt on the veracity of any evidence given to the Parliamentary Joint Committee on Corporations and Financial Services’ inquiry into financial products and services in Australia.

(7) Is the Minister aware of a case currently being heard in the Supreme Court of Victoria between Primebroker Securities Limited (in liquidation) (Receivers and Managers Appointed) & Ors. v. the Australian and New Zealand Banking Group Limited & Ors.