Note: Where available, the PDF/Word icon below is provided to view the complete and fully formatted document
 Download Full Day's HansardDownload Full Day's Hansard    View Or Save XMLView/Save XML

Previous Fragment    Next Fragment
Friday, 21 November 1941

Mr HUTCHINSON (Deakin) .- The committee is entitled to a better explanation, than has been made by the Minister assisting the Treasurer (Mr. Lazzarini). Only a little time ago, the honorable gentleman agreed, in the first instance, to what the Leader of the Opposition (Mr. Fadden) had said.

Mr Lazzarini - That is not true.

Mr HUTCHINSON - By interjection, the honorable gentleman expressed agreement with, much of what the Leader of the Opposition had said.

Mr Lazzarini - I often agree with much of what he says; but that does not apply to this matter.

Mr HUTCHINSON - The Leader of the Opposition made some very severe comments on the bill. One of his statements was that this savage tax would eventually dry up revenue from this source; in the succeeding year, not only would a savage blow be aimed at companies, but also the Commonwealth would be deliberately denied a legitimate source of revenue. That is an argument to which, as yet, I have not heard a reply. The committee ought to be given a wellconsidered explanation. I invite the attention of honorable members to the argument advanced by the right honorable member for Yarra (Mr. Scullin), who placed before the committee figures which showed that in the early stages this proposal will result in. a loss of revenue.

Mr Lazzarini - Oh no; "whichever is the greater " applies.

Mr HUTCHINSON - I do not believe that the Minister took any notice of what was said by tlie right honorable member for Yarra. The right honorable gentleman stated that, in respect of profits rising from 6 per cent, to S- per cent, a loss of revenue would occur, but that above that point there would bc a gain to revenue. I charge the Government -with not having given to its taxation proposals the consideration which they warrant. It lias not considered either the immediate or the ultimate effect of such savage legislation, nor has it put forward a logical case in answer to the arguments of the Leader of the Opposition or even of the right honorable member for Yarra - a gentleman whom all hold in high regard. Simply casting aside all arguments, and saying, " We are going through with the bill ' willy-nilly 5 must reflect very seriously on the prestige of the Government.

Suggest corrections