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Wednesday, 23 March 1994
Page: 2083

Senator SHERRY (Parliamentary Secretary to the Minister for Primary Industries and Energy) (4.20 p.m.) —I am advised there are two areas here. The first is the grouping position to which reference was made and which was announced by the Treasurer in the 1993 budget. Apparently for ease of administration auditors or accountants use similar or like dates, and that was one reason for the change.

  Secondly, as a result of government policy we have reduced the company tax rate from 39c to 33c, obviously at a cost to government revenue. There has been a general tightening of a range of provisions in that package. That general tightening, which Senator Watson referred to as a bunching of the cash flow, is a change of policy that should be seen in the context of a broader policy of the package of benefits that companies have received from this government, namely, that reduction in the company tax rate.