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Monday, 6 December 1999
Page: 12922

Mr Kelvin Thomson asked the Treasurer, upon notice, on 18 October 1999:

(1) What percentage increase did the Government predict would occur in construction costs as a result of the introduction of the Goods and Services Tax (GST).

(2) Has his attention been drawn to claims by the Queensland manager of ArchiCentre, Mr R. Tanton, that building costs have blown out by 15% to 20% in the last six months, running up an extra $10,000 to $15,000 on an average home or renovation valued at $100,000

(3) What implications would such price rises have for the Government's estimated GST-induced price rises of 1.9%.

Mr Costello (Treasurer) —The answer to the honourable member's question is as follows:

(1) In the A New Tax System, it was estimated that the GST would raise the price of new homes by 4.7 per cent.

(2) No.

(3) None.