Land Tax

The Hon. K.J. MAHER (Leader of the Opposition) (14:37): I have a supplementary arising from the answer given. The original—I think the Treasurer previously referred to them as 'estimates', which he said were the same thing as 'modelling', was for an extra $40 million to be raised as a result disaggregation. According to his latest modelling, just how far out were these estimates?

The Hon. R.I. LUCAS (Treasurer) (14:37): As the press release yesterday indicates, they were significantly underestimated. We have now taken advantage of that by introducing the comprehensive reform. Only through that avenue are we able to reduce the top rate from 3.7 per cent to 2.4 per cent. At 2.4 per cent it is $86 million, at 3.6 per cent it is $118 million. It is through the additional revenue that is generated—

Members interjecting:

The Hon. R.I. LUCAS: It is the additional revenue generated that we are able to drive down the top rate from 3.7 per cent 2.4 per cent, increase the threshold from $391,000 to $450,000 and introduce aggregation provisions which exist in every other state in Australia. South Australia is the lone outlier. It has been unprepared, because we've had a Labor government for 20 years who had a few mates who wouldn't let them do it, but the Marshall Liberal government has got the ticker for comprehensive reform. We will be on the side of the 92 per cent of individuals and the 75 per cent of company groups that will benefit.