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| Version 6 | Version 7 |
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| Scott Morrison questioned about tax reform while releasing growth figures – politics live | Scott Morrison questioned about tax reform while releasing growth figures – politics live |
| (35 minutes later) | |
| 2.03am GMT | |
| 02:03 | |
| Meanwhile, in Texas. | |
| #BREAKING: Clinton, Cruz win in Texas on Super Tuesday: US networks #SuperTuesday | |
| 1.55am GMT | |
| 01:55 | |
| Zimmerman rips through urban congestion, public transport (he’s a supporter, seeing no logic in funding roads and not rail), multiculturalism (Australia’s great achievement). A shout out to the Armenian community (Turkey should acknowledge the genocide), a shout out to friends and mentors (Bruce Baird, Robert Hill) – before wrapping in this way. | |
| Mr Speaker, there has never been a more exiting time to be the member for North Sydney! | |
| (Crawling. He’ll go far, this chap.) | |
| 1.47am GMT | |
| 01:47 | |
| There’s a segment of the speech devoted to short-termism and the perils associated with that. Democracy, he says, promotes short term decision making. Zimmerman says three year terms are too short. Three year terms means two years of governing followed by a year of election posturing. He supports four year terms. | |
| It should be done and it should be done soon. | |
| 1.43am GMT | |
| 01:43 | |
| Zimmerman is telling the chamber of his long held passion for politics – doing work experience for Nick Greiner, who called him Troy. He describes his own politics as warm, dry and green. He’s a liberal, in the classical sense. Zimmerman says economic freedoms are the inseparable twin of personal freedoms. | |
| 1.36am GMT | |
| 01:36 | |
| Down in the House, Trent Zimmerman – the chap who replaced Joe Hockey in the seat of north Sydney – is making his first speech to parliament. Zimmerman refers to the traditional owners from his part of Sydney, before moving to the harbour, and the bridge, and the built heritage of the densely populated part of the city. Chatswood, he notes, rises like a citadel from dense bush. (Citadel is not quite the word I’d use for Chatswood, but I respect his love of place.) | |
| Zimmerman then reflects on his sexuality. He is proud to represent the Liberal party as an openly gay man. He wants to own that fact as a symbol of progress when too many people are prepared to peddle prejudice. He says coming out is a hard thing, particularly for young vulnerable people. He says a person’s sexuality is not a choice, it is innate. | |
| Trent Zimmerman: | |
| I hope my election to this place will send a small message of hope. | |
| 1.27am GMT | 1.27am GMT |
| 01:27 | 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. | 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 | 1.24am GMT |
| 01:24 | 01:24 |
| 1.20am GMT | 1.20am GMT |
| 01:20 | 01:20 |
| Q: Do you still think there are excesses in the negative gearing system? | 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. | 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. | We’ll do the homework, then we’ll make an announcement. |
| Q: Where are the excesses though? | 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. | 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. | 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. | Translation being: we are looking at those folks. We may do something, we may not, we’ll get back to you. |
| 1.10am GMT | 1.10am GMT |
| 01:10 | 01:10 |
| Q: How do you expect to reduce government spending in a time of weak nominal GDP growth? | 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 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. | Morrison says if you want to boost confidence, you don’t jack up the GST. He pauses momentarily. |
| CGT. | CGT. |
| Capital gains tax. | Capital gains tax. |
| 1.06am GMT | 1.06am GMT |
| 01:06 | 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. | 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 | 1.05am GMT |
| 01:05 | 01:05 |
| To questions now. | 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. | 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. | 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. | 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 GMT | 12.59am GMT |
| 00:59 | 00:59 |
| 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 GMT | 12.53am GMT |
| 00:53 | 00:53 |
| 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 GMT | 12.51am GMT |
| 00:51 | 00:51 |
| 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 GMT | 12.48am GMT |
| 00:48 | 00:48 |
| The Senate voting reform bill has now moved to the first reading. | The Senate voting reform bill has now moved to the first reading. |