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senate vote 2017-12-05#7
Edited by
mackay staff
on
2017-12-17 13:40:48
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Title
Bills — Treasury Laws Amendment (Reducing Pressure on Housing Affordability Measures No. 1) Bill 2017, First Home Super Saver Tax Bill 2017; in Committee- Treasury Laws Amendment (Reducing Pressure on Housing Affordability Measures No. 1) Bill 2017 - in Committee - Buying after financial hardship
Description
<p class="speaker">Sue Lines</p><p>The question is that amendments (1) to (3) on sheet 8317 revised be agreed to.</p> <p class="speaker">Peter Whish-Wilson</p>- The majority voted in favour of [amendments](http://www.openaustralia.org.au/senate/?gid=2017-12-05.8.2) to the [Treasury Laws Amendment (Reducing Pressure on Housing Affordability Measures No. 1) Bill 2017](http://parlinfo.aph.gov.au/parlInfo/search/display/display.w3p;query=Id:legislation/billhome/r5960), which were moved by NSW Senator [David Leyonhjelm](https://theyvoteforyou.org.au/people/senate/nsw/david_leyonhjelm).
- ### What do these amendments do?
- Senator Leyonhjelm [explained that](http://www.openaustralia.org.au/senate/?gid=2017-12-05.8.2):
- > *The government's First Home Super Saver Scheme allows taxpayers to make one withdrawal in their lifetime from their voluntary superannuation contributions to purchase their first and only home. Item 2 of my amendments provides an exemption to the requirement it be a first home. The exemption will apply if the tax commissioner determines that the taxpayer has suffered financial hardship, the circumstances of which can be determined by regulation. I envisage that regulations would refer to circumstances where a taxpayer has limited savings, is currently renting and had an interest in a home many years ago in a cheaper real estate market or when a taxpayer was in a relationship that has since broken down. Taxpayers will still be limited to one withdrawal of their voluntary superannuation in their lifetime and it must be for their only home. This amendment will help people who are struggling to leave the rental market and buy their own home in the face of high property prices. The fact that they once owned their own home, possibly some decades ago, does not make their struggle any less stressful.*
- ### Amendment text
- > *(1) Page 2 (after line 11) , after clause 3 , insert:*
- >> *4 Review of operation of amendments*
- >> *(1) The Minister must cause an independent review of the operation of the amendments made by this Act.*
- >> *(2) The review must:*
- >>> *(a) start as soon as practicable after 18 months after Royal Assent; and*
- >>> *(b) be completed within 6 months.*
- >> *(3) The Minister must cause a written report about the review to be prepared.*
- >> *(4) The Minister must cause a copy of the report to be tabled in each House of the Parliament within 15 sitting days of that House after the day on which the report is given to the Minister.*
- >> *(5) The report is not a legislative instrument.*
- > *(2) Schedule 1 , item 1 , page 5 (after line 7) , after subsection 138-10(2) , insert:*
- >> *(2A) If the Commissioner determines that you have suffered a financial hardship, you are taken to have satisfied paragraph (2)(a).*
- >> *(2B) The regulations may specify the circumstances in which the Commissioner is to determine that a person has suffered a financial hardship for the purposes of subsection (2A).*
- > *(3) Schedule 1 , item 1 , page 5 (lines 16 to 19) , omit section 138-15 , substitute:*
- >> *138-15 Review*
- >> *If you are dissatisfied with:*
- >>> *(a) a *first home super saver determination in relation to you; or*
- >>> *(b) a decision the Commissioner makes not to make a determination under subsection 138-10(2A);*
- >> *you may object against the determination, or the decision, as the case requires, in the manner set out in Part IVC.*
<p>While the Greens think the amendments moved by Senator Leyonhjelm are well intentioned and we broadly support the intention of Senator Leyonhjelm's amendments, I just want to highlight that the issues at stake here around housing affordability are much bigger than what we see in these two bills. The Greens have been very clear that we want to see significant structural reform in relation to housing affordability, and not just housing affordability but tackling inequality in this country and raising revenue—revenue that we desperately need in this nation to pay for schools and hospitals. At best, this is fiddling around the edges. We want to see structural reform. We want to see arguably the worst tax we have in this country, stamp duty, being swapped for a broad-based land tax.</p><p>The Greens had this costed by Parliamentary Budget Office. I know it's ambitious and it's bold, but I don't think there's a single economist or commentator in this country who doesn't agree that it's a good idea—</p> <p class="speaker">Honourable Senators</p><p>Honourable senators interjecting—</p><p>The CHAIR: Just a moment, Senator Whish-Wilson. Order, please! We're in committee stage.</p> <p class="speaker">Peter Whish-Wilson</p><p>for the federal government to show some leadership and provide an off-balance-sheet loan to compensate the states and drive this transition. Then we might start dealing with issues around supply of housing, housing occupancy and vacancy rates. We might start dealing with some serious issues around value capture, which we've discussed in this chamber before when we've been talking about infrastructure.</p><p>We also believe that we need to make brave decisions—and the Greens have led on this now for years—to drive reform, get rid of capital gains tax concessions and get rid of negative gearing. We know that, if we do that, our own estimates through the PBO show that, even if we phase it out over time, even if we design it to minimise the impacts that we see around retrospective legislation, we can raise $13 billion over the forward estimates over four years. That's money that we desperately need in this country.</p><p>Let's be really clear about what this is today. This is a smokescreen for a government that's trying to show that it's doing something about tackling housing affordability in this country. But there's no evidence that a super saver scheme for first home buyers, or even for Australians who are down on their luck and who want to own a home, is actually going to work. We have already gone through this in the second reading debate. The Rudd scheme failed badly; virtually nobody used it. It's not going to do anything about housing prices, which is one of the key issues here. If anything, it's just going to add to demand-side pressure to push up housing prices.</p><p>We reiterate our message in this debate. If we're actually here to represent the people of Australia, especially young Australians and low-income Australians who are reflected in those HILDA surveys I talked about in my speech, and tackle this issue, this is not the right way to do it.</p><p>The CHAIR: The question is that amendments (1) to (3) on sheet 8317 revised in respect of Treasury Laws Amendment (Reducing Pressure on Housing Affordability Measures No. 1) Bill 2017, as moved by Senator Leyonhjelm, be agreed to.</p><p class="italic"> <i>Senator Dodson did not vote, to compensate for a vacancy caused by the resignation of Senator Nash.</i></p><p class="italic"> <i>Senator Carr did not vote, to compensate for a vacancy caused by the resignation of Senator Kakoschke-Moore.</i></p><p class="italic"> <i>Senator Gallagher did not vote, to compensate for a vacancy caused by the resignation of Senator Parry.</i></p>
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