Fiona O'Malley (Progressive Democrats)

I agree with the speakers who stated this was something of an awful budget, but it was necessarily awful. It is awful for all the people who must pay additional taxes. However, a choice was made and the trouble with governance is that choices must be made. We have a major budget deficit problem. If it were left to the Opposition that would spiral out of control, but where would that leave the country and the next generation? That is why workers today must make sacrifices and they have been asked to do so in the short term such that there will be a brighter future. I listened closely to the remarks of Peter Sutherland and he described the position in this way. He suggested there is a small, immediate public deficit crisis and we must restore order to the public finances. That is exactly what the Government has tried to do.

It was a very difficult budget to frame and I applaud the Minister for his courage, because it is only in difficult times that one can do what is absolutely necessary in terms of reforming the tax regime. He signalled that he will possibly introduce a property tax. As we are all aware, it is essentially a fairer tax. To a certain extent, our system of very high stamp duty has stifled the activity in property transactions, which is to no one's benefit. Signalling the introduction of a property tax is fair. I have no doubt we will be lacerated. I am watching Senator Twomey and his attitude is disgraceful.