Speeches

Mr TONY SMITH (Casey) (17:32): On behalf of the shadow Treasurer, I rise to speak on the Parliamentary Service Amendment (Parliamentary Budget Officer) Bill 2013. The coalition is supporting this bill. This bill amends the Parliamentary Service Act 1999 to give the Parliamentary Budget Officer the function of preparing a report, including costings of the publicly announced policies of the designated parliamentary parties, within 30 days after a government forms following a general election. Let me begin with some history. The establishment of a parliamentary budget office was a coalition election commitment in the 2010 federal election. The establishment of a PBO was also a key element of the agreement between the government and the member for Lyne, the member for New England and the member for Denison, along with the Greens. On 23 March 2011, following the federal election, the government established a joint select committee inquiry into the…
Mr TONY SMITH (Casey) (21:16): I rise on behalf of the member for North Sydney, the shadow Treasurer, to speak on the Corporations Amendment (Simple Corporate Bonds and Other Measures) Bill 2013. The bill has two schedules. The first deals with amending the Corporations Act to facilitate improved trading of retail corporate bonds in Australia. These measures were part of the Treasurer's banking plan, announced back in December 2010. As members would be aware, the shadow Treasurer has been calling for the establishment of a deep and liquid corporate bond market in Australia since October 2010. We note that it has taken the Treasurer almost three years to bring forward this legislation. The coalition will, as part of its financial services inquiry and commitment to a reduction in red tape for business, monitor the progress of this legislation. The government claims that the changes contained in schedule 1 will establish…
Mr TONY SMITH (Casey) (15:30): On behalf of the opposition, it is my pleasure to indicate our support for this bill. It is, as members would be aware, a bill that comes before the parliament after each budget each year. As the Assistant Treasurer pointed out in his introductory remarks the day after the budget, it is important to amend the Medicare Levy Act to increase the Medicare levy low-income thresholds in line with the consumer price index. Otherwise, as he pointed out, it would be the case that those who were exempt from the Medicare levy in the previous income year without that adjustment—without that increase in line with inflation—would not continue to remain exempt. As the Assistant Treasurer is probably also aware, he and I have discussed this legislation most years when it has come in, and so when people look back at the record of the parliament…
Mr TONY SMITH (Casey) (15:35): I rise to speak, on behalf of the shadow Treasurer, on the Tax and Superannuation Laws Amendment (2013 Measures No. 2) Bill 2013. This tax law amendment bill has eight schedules. Some of those schedules the coalition supports. Some of those schedules we will not be opposing. As a consequence, I say at the outset that the coalition will not be opposing the passage of this tax law amendment bill. On behalf of the shadow Treasurer, I will run through the relevant schedules, six of which relate to tax and two of which relate to superannuation. Schedule 1 deals with the definition of 'documentary' for film tax offset purposes. The schedule amends the Income Tax Assessment Act 1997 to define 'documentary' in accordance with the Australian Communications and Media Authority guidelines and to restore its intended meaning. 'Documentary' in tax law, for film tax offset…
Mr TONY SMITH (Casey) (16:38): I rise on behalf of the shadow Treasurer and the coalition to speak on this Corporations and Financial Sector Legislation Amendment Bill 2013. Let me say at the outset that the coalition will not be opposing this bill. As was made clear in the introductory speech and in the explanatory memorandum it deals with a number of issues that largely flow from the global financial crisis, where the G20 endorsed a global transition of over-the-counter derivatives and products that are currently traded through bilateral agreements towards recognised exchanges or trading platforms, where appropriate, in order to boost market transparency. The G20 also agreed that certain trading activities should be cleared through a central counter-party to reduce systemic risk and should be reported to trade repositories in order to enhance market information. The key measures are intended to: assist central counterparties (CCPs) in managing defaults of…
I’d like to start by thanking Mobby and Peter for their kind words, and Richard for his stellar performance (so far) as Master of Ceremonies (MC). And to everyone here, thank you so much for coming. To my family; to the Liberal Party family; to my friends from our local community and friends from beyond I am grateful. To Pam, thanks for your unfailing, unflagging and unconditional support through every step of the last 10 years. Serving as a Member of Parliament requires a great commitment of time, focus and energy. But we’re volunteers, not conscripts. And our choice of service includes our unelected partners. The fact that Pam has willingly embraced this choice is an indication - not just of her support for me - but also her belief in the ideals of our party, the values of our community and the virtues of our country. Largely in my…