House of Representatives

Second Reading Speech

Mr Joe Hockey, MP (North Sydney, Minister for Financial Services and Regulation, LP, Government)

I move:

That the bill be now read a second time.

This bill amends the Medicare Levy Act 1986 and the A New Tax System (Medicare Levy Surcharge-Fringe Benefits) Act 1999 to increase the Medicare levy low income thresholds in line with increases in the consumer price index.

The amendment to the Medicare levy low income thresholds will apply to the 2000-01 year of income and later years of income.

Full details of the measures in the bill are contained in the explanatory memorandum.

I commend the bill and present the explanatory memorandum.

Debate (on motion by Mr Stephen Smith) adjourned.