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Labor con job on fringe benefits tax



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THE SENATE

PRESS RELEASE

SENATOR PETER DU RACK, Q C DEPUTY LEADER O F THE OPPOSITION IN THE SENATE SH AD OW MINISTER FOR RESOURCES A N D ENERGY

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LABOR CON JOB ON FRINGE BENEFITS TAX "

"Efforts by Labor politicians to play down the adverse impact of the fringe benefit tax on mining companies and their workers highlights the concern of those politicians about the electoral impact of the new tax p r o p o s a l s ," Senator Peter Durack said today. .

"It would be naive and foolish of mining unions to consider that their members would not be adversely affected by the proposals ;"

"Any new tax impost will reduce the competitiveness of Australian exports such as iron ore, bauxite and coal. The ultimate effect will be lost jobs."

"It is useless for the Government to promise concessions with one hand and take them away with the other."

"Promised tax cuts will not assist unemployed mining industry w o r k e r s . Even if those tax cuts e v e n t u a t e , the inflationary impact of the tax proposals and normal wage increases will push mining workers into higher marginal tax brackets, reducing any expected future benefit." .

"However, it is unlikely that the Government will be able to keep its tax cut promises given the expected reduction in major revenue items such as the crude oil levy over the next few

years."

"Where will the Hawke Government get enough revenue to pay for its promises. Given the track record of this Government it will be from new and higher taxes."

"The Coalition is committed to lower levels of taxation. Unlike the Hawke Government, we do not make rash promises„ We recognise that this objective will take time and matching expenditure restraint - both of which the Hawke Government has run out of."

CANBERRA 13 OCTOBER 1985 CONTACT: ROB HADLER (062) 72 7088/72 7145