Page 1090 - Week 05 - Tuesday, 23 June 1992
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the tax is estimated to raise an additional $4m in the coming year. Tax arrangements for liquor are to be changed to encourage the consumption of low alcohol beverages, in line with recent changes announced in New South Wales. The existing 10 per cent flat rate will be replaced with a concessional rate of 7 per cent for low alcohol and a 13 per cent rate for high alcohol products. This scheme will be introduced with effect from 1 January 1993. Additional revenue is estimated at $0.9m in the coming year. With regard to the petroleum franchise fee, the Government has decided that the additional 3c a litre fee introduced by the Alliance Government in the 1990-91 budget will be retained. Petrol franchise fees are an important source of revenue which is used for the capital budget. Retention of the additional 3c will, therefore, reduce the need to borrow.
The combined effect of these measures, Madam Speaker, including the proposed increase to the rates, will be to raise an additional $18.3m in 1992-93 and $19m in a full year. Even with these measures there is still a long way to go in achieving a balanced budget for the next year. Finally, Madam Speaker, changes to TAFE and to charges for ACTION and parking will also be announced today. I now present the explanatory memorandum for the Rates and Land Tax (Amendment) Bill. In doing so I give notice that this Bill, as well as the Gas Bill, is essential for passage this week, and both Bills will therefore be declared urgent by the Government on Thursday.
Debate (on motion by Mr De Domenico) adjourned.
FINANCIAL INSTITUTIONS (APPLICATION OF LAWS) BILL 1992
[COGNATE BILLS:
FINANCIAL INSTITUTIONS (SUPERVISORY AUTHORITY) BILL 1992
FINANCIAL INSTITUTIONS (CONSEQUENTIAL AMENDMENTS) BILL 1992]
Debate resumed from 17 June 1992, on motion by Ms Follett:
That this Bill be agreed to in principle.
MADAM SPEAKER: Is it the wish of the Assembly to debate this order of the day concurrently with the Financial Institutions (Supervisory Authority) Bill 1992 and the Financial Institutions (Consequential Amendments) Bill 1992? There being no objection, that course will be followed. I remind members that in debating order of the day No. 1 they may also address their remarks to orders of the day No. 2 and No. 3.
MR KAINE (Leader of the Opposition) (4.17): This package of three Bills is legislation which in principle the Liberal Party accepts. It flows, obviously, from an agreement that was made amongst the Premiers and Chief Ministers last year to introduce uniform legislation for the regulation of certain financial institutions. We have no difficulty at all with that proposition; so in principle, as I said, we agree with the Bill. But just a little while ago, Madam Speaker, we finished a debate on the time being allowed to this Assembly to debate important legislation, and this is a classic case of important legislation which this Assembly has been given too little time to analyse and understand. The Chief Minister has told us that the decision to do this was made last November. What we are
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