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Wednesday, 18 September 1985
Page: 653

Debate resumed from 23 August, on motion by Senator Walsh:

That the Senate take note of the statement and papers.

upon which Senator Chaney had moved by way of amendment:

Leave out all worth after `That' insert:

`the Senate condemns the Budget because-

(a) it is only half a Budget which fails to outline any approach to the urgent problem of tax reform and tax relief;

(b) it fails to remove the threat of new taxes on investment and jobs, such as a capital gains tax which will include death duties and gift taxes;

(c) it condemns 750,000 Australians to higher marginal tax brackets during the year;

(d) it fails to remove the fundamental problems facing the Australian economy, particularly high inflation, the lack of international competitiveness and the need for further cuts in Government spending;

(e) it fails to provide clear direction on the Government's approach to discounting wage indexation for the effects of depreciation of the dollar, so potentially destroying its employment benefit;

(f) it fails to move towards the deregulation of labour markets required to give all Australians a chance for a job; and

(g) it burdens Australia with the threat of continued high interest rates which hurt not only home buyers but hit business investment and jobs'.

The PRESIDENT —Before I call on Senator Michael Baume I remind all honourable senators that this is his first speech in this chamber and I would ask that he be accorded the normal courtesies.