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BUDGET STATEMENT AND PAPERS 1985-86

Order of the Day read for the adjourned debate on the motion of the Minister for Finance (Senator Walsh)-That the Senate take note of the Statement and Papers.

The Leader of the Opposition in the Senate (Senator Chaney) moved an amendment, viz: Leave out all words 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''.

Debate ensued.

On the motion of Senator Robertson the debate was adjourned.

Ordered-That the resumption of the debate be an Order of the Day for the next day of sitting.