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Wednesday, 24 October 1984
Page: 2326

Senator MacGIBBON —My question is addressed to the Leader of the Government in the Senate. Does he agree that a capital gains tax would adversely affect business confidence and the level of private investment in Australia?

Senator BUTTON —My personal views on that matter are my personal views and are not relevant to any decision which might be recommended by the comprehensive review of the taxation system or any decision following that which might be made by the Government. But the Business Council of Australia and the Confederation of Australian Industry do not take the view that is implied in the honourable senator's question, and I pass their views on to him.

Senator MacGIBBON —Mr President, I ask a supplementary question. Is the Minister aware that the Labor Government in July 1974 announced a capital gains tax, followed it up in the August 1974 Budget of Treasurer Crean and had it thrown out by Mr Whitlam in January 1975 using the exact words I used? Why is Mr Whitlam's logic awry today?

The PRESIDENT —Order! I do not regard the question as a supplementary question.