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FINANCE AND GOVERNMENT OPERATIONS-PROPOSED REFERENCE

Senator Walsh, by leave, amended Business of the Senate, Notice of Motion No. 2, standing in his name, and, pursuant to notice, moved-That, in view of (a) the deterioration in employment expectations revealed by the Treasurer's statement of 14 October 1982, (b) the continuing drought, and (c) delays in passing-and changes to-the Government's proposed tax legislation, the Standing Committee on Finance and Government Operations inquire into the effect of these factors on the Budget revenue estimates, and report to the Senate on 28 October 1982; and that, specifically, the Committee seek evidence from the Treasury on the likely revenue changes for 1982-83 in regard to: (1) The effect on PAYE receipts of a lower level of employment.

(2) The effect of the continuing drought and lower farm incomes on provisional tax collections from farmers (due on 31 March 1983) caused by farmers exercising the option to vary provisional tax.

(3) The effect on company tax collections of the apparent fall in business profits in the second half of the fiscal year 1981-82.

(4) The effect on sales and excise tax collections caused by the negative Gross Domestic Product growth implicit in lower employment levels and the drought.

(5) The current estimates of the revenue cost of the health insurance rebate.

(6) The effect on tax recoupment receipts of the delay in enacting the recoupment legislation which the Treasurer predicted in July would pass both Houses of Parliament on or before 26 August 1982.

(7) The effect of reducing the interest payment from 30 to 20 per cent on overdue recoupment assessments.

(8) The effect on PAYE receipts of a reduction from 12 to 10 per cent of increases in average earnings.

(9) Any other revenue changes expected in view of more recent information.

Debate ensued.

Question-put and negatived.