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TAXATION

The Leader of the Australian Greens (Senator Bob Brown), pursuant to notice of motion not objected to as a formal motion, moved general business notice of motion no. 859—That the Senate—

 (a) notes that:

  (i) the massive trade in complex financial derivatives was a major cause of the recent financial crisis and that governments around the world are now seeking solutions to ensure that financial markets price risk appropriately and that unregulated financial trading is more visible to regulators,

  (ii) the `Robin Hood' tax (the tax), an idea that is gaining traction in many western countries with growing public support, imposes a small levy (0.05 per cent) on banks, hedge funds, foreign exchange transactions, derivatives and share deals,

  (iii) the tax is estimated to raise approximately $400 billion dollars a year globally and up to $18 billion in Australia, and

  (iv) the tax advocates propose that 50 per cent of the revenue is spent by governments on the delivery of essential services and costs of bail-outs associated with the global financial crisis, with the remaining 50 per cent to be spent on overseas development aid and climate change adaptation; and

 (b) calls on the Government to support the adoption of this tax at the G20 meeting in Toronto, Canada, in June 2010.

Question put.


The Senate divided—

AYES, 5

Senators—

Brown, Bob

Hanson-Young

Ludlam

Milne

Siewert (Teller)

NOES, 40

Senators—

Abetz

Adams (Teller)

Back

Bilyk

Birmingham

Bishop

Brown, Carol

Cameron

Cash

Cormann

Eggleston

Farrell

Feeney

Ferguson

Fielding

Fifield

Furner

Hurley

Hutchins

Kroger

Ludwig

Lundy

Marshall

Mason

McEwen

McLucas

Moore

Nash

Parry

Polley

Pratt

Ronaldson

Ryan

Stephens

Sterle

Troeth

Trood

Williams

Wortley

Xenophon

Question negatived.