Scott Buchholz (Wright, Liberal Party) Share this | Link to this | Hansard source

I will pick up my speech with the announcement on 12 May that the government has cut what Australians can put into superannuation tax free. The revenue gained from that for the government will be $2.8 billion over four years. There were restrictions on business losses announced on 12 May as well. This will generate additional revenue of over $700 billion in the forward estimates. There were also changes to the employee share scheme announced on 12 May. These will generate revenue of over $200 million over the forward estimates. The cigarette tax hike of 25 per cent announced on 29 April is expected to raise $5 billion over four years. It did not even miss the poor smoker.

The impost of the mining tax was first announced on 2 May and there have been multiple predictions of what the revenue from that is going to look like. Ethanol tax increases were announced just recently. An LPG excise increase was announced on 11 May—and this was after the government encouraged people to go and invest in LPG conversions, only to pull the rug out from under them with excise. The tighter restrictions on medical expenses— (Quorum formed)(Time expired)