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Wednesday, 6 November 1985
Page: 1617

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

That the Senate-

(a) recognising that housing is one of the most important sectors of the economy;

(b) being fully aware of the extreme housing shortage that is developing within Australia, and the consequent high rents that are being charged;

(c) convinced that a capital gains tax will cause people to buy expensive houses, when they can afford a house at all; and

(d) gravely concerned that today's falling dollar and high consequent interest rates will make the chances of anyone being able to afford to build a new house quite remote,

calls upon the Government to abandon the idea of a capital gains tax and to take immediate action to show the world that it is seriously attempting to control Government spending, and so reduce the massive deficit which is one of the main factors leading to the damaging high interest rates in Australia.