Second Reading Speech
Dr Emerson (Minister for Small Business, Independent Contractors and the Service Economy, Minister Assisting the Finance Minister on Deregulation and Minister for Competition Policy and Consumer Affairs)I move: That this bill be now read a second time.
This bill will increase the Medicare levy low-income thresholds for individuals and families in line with increases in the consumer price index. The low-income threshold in the Medicare levy surcharge provisions will be similarly increased. These changes will ensure that low-income individuals and families will continue to be exempt from the Medicare levy and/or the Medicare levy surcharge.
The bill will also increase the Medicare levy low-income threshold for pensioners below age pension age to ensure that individuals in this cohort receive the full benefit of the increase in the pension announced by the government in the 2009-10 budget and that they do not pay the Medicare levy when they do not have an income tax liability.
The amendments will apply to the 2009-10 year of income and later income years.
Full details of the measures in this bill are contained in the explanatory memorandum.
Debate (on motion by Mr Coulton) adjourned.