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Wednesday, 30 November 1960

Mr CREAN (Melbourne Ports) . - The Opposition intends to oppose this motion, for reasons that are evident. I think at this stage, when we are discussing the financial consequences of these measures, the Treasurer (Mr. Harold Holt) ought at least to give the committee some indication of their likely impact on the revenue. In August we passed Budget proposals. At that time the estimate of sales tax collections for the year was £180,379,000, of which £77,000,000 was expected to come from the sales tax on motor cars. If fewer cars are sold as a result of the increased tax, you lose not only the additional 10 per cent, of tax in respect of the unsold cars; you lose also the tax, imposed at the rate of 30 per cent., that would have been collected if this legislation had not been introduced and those cars had been sold. Therefore I ask the Treasurer to give the committee what information he can as to the likely impact on the revenue, for the remainder of the financial year, of the measures we are now contemplating.

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