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Land Tax

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Speakers - Speaker; Stoner Mr Andrew; Iemma Mr Morris
Business - Questions Without Notice

      LAND TAX
Page: 1051

      Mr ANDREW STONER: My question is directed to the Premier. Given that a family in New South Wales pays more than $2,000 in land tax for a property worth $480,000—three times more than in Victoria, and a Queensland family pays absolutely nothing in land tax—will the Premier match the Victorian and Queensland governments' commitments in their budgets to cut land tax and offer tax relief that New South Wales families and small businesses desperately need?
      The SPEAKER: Order! I call the member for East Hills to order.

      Mr MORRIS IEMMA: I inform the Leader of The Nationals that we have. In 20 months there have been five tax cuts. I am glad that the Leader of the Opposition can recite them; it obviously means that the message is getting through if he can recite them, given the number of times that he is asleep in this Chamber. He is right, there was the vendor duty, and reinstating the thresholds and bringing forward the last indexation rise.
      Mr Andrew Stoner: Land tax.
      Mr MORRIS IEMMA: Yes, land tax, vendor duty.
      The SPEAKER: Order! The Leader of The Nationals will cease interjecting.

      Mr MORRIS IEMMA: There was the reintroduction of the thresholds and the new valuation system of averaging, which is designed to take out the spikes. They are some of the reforms in the area of land tax that the Government has already undertaken. Of course, I am not going to speculate on the budget; the Treasurer is bringing that down in two weeks time. Already the Government has taken four major decisions in the area of land tax to provide relief and to stimulate investment and activity.
      Mr Barry O'Farrell: The other States have now taken it up.
      Mr MORRIS IEMMA: That is correct. Why did the Leader of the Opposition not say something positive about New South Wales yesterday, given that we had some positive news yesterday? New South Wales is back in business, according to the national accounts figures of yesterday. But the Opposition was sweating more than me with a fever on a recession during the election campaign—that is what members opposite were all hoping for. One of the interesting points about yesterday's national accounts figures is that they have revised the previous two quarters. Remember the quarter before last December that showed, supposedly, negative growth, and how the Opposition jumped on that?
      The Opposition said that come 7 March, when the December quarter figures come out, that will show two negative quarters of growth, and the "R" word—recession. And the Opposition had its entire election campaign geared towards the 7 March figures bringing down a second quarter of negative growth. Well, guess what? Yesterday's national accounts figures revised the previous two quarters. We were never in danger of entering a quarter of negative growth on any recession. And why? Because of the underlying strength of the New South Wales economy, its diversity, maturity and ability to be able to ride out the booms and busts in commodity prices.
      The Australian Financial Review article, which I just held up to the House, states that New South Wales is back in business, closing the gap on the resource rich States of Western Australia and Queensland. Yesterday's figures showed the New South Wales economy growing strongly. I inform the Leader of The Nationals that come budget day, the Treasurer will bring down a budget that is responsible, prudent and continues along the Government's path of stimulating activity. We started that 20 months ago and that is the job we will keep on doing.
      While we are on matters relating to economic policy and the election, Ian Smith, Executive Chairman from the public affairs firm Gavin Anderson and Company summed it up very well in probably the best commentary I have seen on the election. Referring to the Opposition, and the Liberal Party, he said, "Were the Liberal Party a public company, shareholders would have launched a class action citing failed strategies, unmet forecasts, executives in turmoil and a brand in disrepute". Mr Smith also said, "Among the biggest problems is that the State Liberals rarely take realistic risks. When they do propose policies, they are frequently the ideas of the barking mad".


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