Second Reading Speech
BY THE TREASURER THE HON P COSTELLO MPI move that the Bill now be read a second time.
Mr Speaker, after winning the 1996 election, the Government inherited a $10.3 billion deficit which has now been turned into a surplus. This sound fiscal management has provided the ability for all Australians to share the benefits from sound economic policy through $13 billion of income tax cuts delivered by the Government's new tax system.
The tax cuts will more than compensate taxpayers for the introduction of the GST, and will also make it possible for ordinary Australians to save and invest.
They will also deliver substantial income tax savings to families and average earners.
Full details of the measures in the Bill are contained in the explanatory memorandum circulated to Honourable Members.
I commend the Bill to the House.