This article is from the source 'guardian' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.

You can find the current article at its original source at http://www.theguardian.com/australia-news/live/2016/mar/02/tony-abbott-flabbergasted-at-submarine-purchase-delay-politics-live

The article has changed 16 times. There is an RSS feed of changes available.

Version 5 Version 6
Bill Shorten asks Labor to endorse Pat Dodson to replace Joe Bullock – politics live Scott Morrison questioned about tax reform while releasing growth figures – politics live
(35 minutes later)
1.27am GMT
01:27
Deeply irritating when a day is so brisk that I can’t do justice to Magic Mike. I’ll try and make that up where I can. Look at this marvellous shot from the Di Natale/Rhiannon press conference from earlier today.
1.24am GMT
01:24
1.20am GMT
01:20
Q: Do you still think there are excesses in the negative gearing system?
Morrison says his recent comments on this question relate to the distribution of how people engage in it. The treasurer says there’s nothing wrong with that in principle, but the government is asking about the broader consequences. Morrison says the prime minister put things like negative gearing back on the table so it could be examined. This is a considered process.
We’ll do the homework, then we’ll make an announcement.
Q: Where are the excesses though?
Morrison repeats his formulation that there is a distribution of people who engage in negative gearing. Let’s cut through here – this is basically code for high net wealth individuals. He says there are people who report net rental losses of $50,000.
Those who are more engaged in negative gearing have higher incomes.
Translation being: we are looking at those folks. We may do something, we may not, we’ll get back to you.
1.10am GMT
01:10
Q: How do you expect to reduce government spending in a time of weak nominal GDP growth?
Morrison says revenue as a share of the economy will continue to rise. He says when it comes to forecasting, he’s seeking to be honest. He says the government needs to continue down the path of fiscal consolidation.
Morrison says if you want to boost confidence, you don’t jack up the GST. He pauses momentarily.
CGT.
Capital gains tax.
1.06am GMT
01:06
Morrison is asked what he made of Tony Abbott’s intervention in the partyroom meeting yesterday. The treasurer hopes there are some economists in the room who are interested about the December quarter growth figures.
1.05am GMT
01:05
To questions now.
The treasurer is asked about tax reform. Where does his appetite sit now? Morrison says the scope for tax relief is limited. There’s no surplus and no growth dividend.
You’ve got to deal with the situation you are in.
How about bracket creep, what’s a reasonable tax cut? Morrison says a tax cut has to be funded. Expenditure cuts need to go to the business of achieving a surplus. As to specifics, you’ll find out in the budget in May. Morrison says he wants to reward effort, but the size of the reward is contingent on the fiscal circumstances.
12.59am GMT12.59am GMT
00:5900:59
Morrison is working through how the growth forecast impacts the budget. He says fiscal consolidation will take budgets and budgets and budgets. Nominal GDP is not supplying a tailwind. The treasurer says he has a close eye on expenditure restraint (thanks for that, Tony), but the economic circumstances are what they are.Morrison is working through how the growth forecast impacts the budget. He says fiscal consolidation will take budgets and budgets and budgets. Nominal GDP is not supplying a tailwind. The treasurer says he has a close eye on expenditure restraint (thanks for that, Tony), but the economic circumstances are what they are.
12.53am GMT12.53am GMT
00:5300:53
Down in the Blue Room, the treasurer Scott Morrison is welcoming the GDP figures.Down in the Blue Room, the treasurer Scott Morrison is welcoming the GDP figures.
We are growing faster than every economy in the G7.We are growing faster than every economy in the G7.
12.51am GMT12.51am GMT
00:5100:51
Labor is trying to insist that all divisions on this bill are accompanied by ringing the bells for four minutes. Sorry Penny (Wong), says president Parry. We will ring the bells for one minute.Labor is trying to insist that all divisions on this bill are accompanied by ringing the bells for four minutes. Sorry Penny (Wong), says president Parry. We will ring the bells for one minute.
Labor Senator, Jacinta Collins.Labor Senator, Jacinta Collins.
This is a gag on a gag!This is a gag on a gag!
12.48am GMT12.48am GMT
00:4800:48
The Senate voting reform bill has now moved to the first reading.The Senate voting reform bill has now moved to the first reading.
12.45am GMT
00:45
The government will take this leak very seriously
Back to Tony Abbott and his submarine offensive. First up today I pointed you to The Australian’s story, which referenced the Abbott government’s plan for submarine acquisitions (buy them more quickly) and contrasted that with the Turnbull government’s decision to acquire them more slowly – a decision which has reportedly flabbergasted Abbott.
The manager of government business, Christopher Pyne, is sounding less than delighted about classified material being in the public domain.
Christopher Pyne:
I would make the point that it’s a highly classified document – there are no more highly classified documents than ones that are in the National Secuirty Committee – and therefore the government will take this leak to The Australian very seriously.
12.39am GMT
00:39
Guardian Australia contributor, Stephen Koukoulas, on the GDP.
Annualised GDP growth over second half of 2015 was 3.5%And now with commodity prices marching higher, things are looking quite good
12.37am GMT
00:37
We also have new economic growth figures which say 3% for the year. Stronger than forecast.
12.35am GMT
00:35
Meanwhile, in Vermont.
"This campaign is about transforming America" Bernie Sanders celebrates his win in Vermont pic.twitter.com/NBJa4EoVqL
12.33am GMT
00:33
The Senate voting bill is about to proceed without formalities. Well, it will after this division, unless Labor intends to launch another procedural bombardment.
12.30am GMT
00:30
Senate president Stephen Parry is advising Conroy to take a seat. The Senate is currently rejecting Labor’s efforts to delay consideration of the Senate voting reform legislation until the budget session.
12.25am GMT
00:25
During this division in the Senate chamber, I can hear Labor’s deputy Senate leader Stephen Conroy boasting about kicking five goals this morning at soccer. Sportsplaining. I did warn you.
12.20am GMT
00:20
While Labor’s Senate leader Penny Wong is shouting at the Liberal Senator Ian MacDonald in the chamber, a statement from Family First Senator Bob Day.
It begins: Family First Senator Bob Day has lamented the conversion of the Senate into a Green rubber stamp for the Liberals, with the indications very clear that today electoral laws will be rammed through without proper debate.
Bob Day:
This is what your new Senate looks like. It is no longer a house of review – it is a house of back room deals and legislative ramming. The Liberal, Nationals, Nick Xenophon and Greens have decided the will of voters no longer matters, they have the numbers, the power and control, and they will force this legislation through the Senate despite its clear errors, irrespective of what others have to say, or the unintended consequences.
Updated
at 12.22am GMT
12.09am GMT
00:09
Richard Di Natale:
We are going to get this reform done and we are going to ensure voters get the people into parliament they vote for, not [through] some backroom deal.
We believe in the reform.
The Greens leader says there have been no discussions with the government about preference swaps.
No, no discussion about preferences.
12.05am GMT
00:05
Di Natale says he’s confident that the Greens will hold Sarah Hanson Young’s Senate spot under the new reforms. There’s analysis around suggesting she’ll be a casualty.