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Friday, 11 October 1985
Page: 1053


Senator FOREMAN —I give notice that, on the next day of sitting, I shall move:

That the Senate commends the Hawke Government on its recent tax package, which in the interests of taxation justice and economic growth contains both bold and imaginative changes, in particular, changes will result in-

(a) a stop to the unsavoury growth over recent years of tax evasion by the payment of untaxed perks instead of taxable income;

(b) an effective capital gains tax which is necessary to discourage the conversion of what would be taxed income into untaxed capital gains; and

(c) an effective capital gains tax component in the taxation armoury which will discourage unproductive over-investment in speculative areas such as domestic housing and rural land which to date has resulted in home buyers paying a market price fuelled by speculation, and primary producers failing to obtain a decent return on investment because of overpriced farming land.