Flood levy inquiry starts
The House of Representatives economics committee conducted its first public hearing on the proposed temporary flood reconstruction levy legislation yesterday. Appearing before the committee were federal and Qld treasuries; ANZ chief economist Saul Eslake; Australian National University economics Professor Warwick McKibbin; and ICA, Aust Council of Social Services and ACTU representatives. The committee will report to parliament as early as Monday ahead of debate in the house on Tuesday. The bills propose introducing a one-year progressive flood and reconstruction levy of additional income tax in FY12 to raise $1.8bn.
(Source: Cover Note 1714, 17 February 2011)