NICOLA WILLIS (National): I rise to speak on Part 1, clause 3 of the Taxation (Annual Rates for 2020-21, Feasibility Expenditure, and Remedial Matters) Bill before us. As other speakers have mentioned, this is really a pivotal and crucial part of the bill in that it determines what the thresholds and rates for taxation are for income tax. This is very significant because what we see in the bill as it's presented is a missed opportunity. What we know has happened in the past year since income tax thresholds and rates were last set is that there has been significant asset price inflation across our economy, particularly in the housing area. What we've also seen is that there have been some income increases in wages, and, as other speakers have very well laid out, what those income increases have meant for some taxpayers is that they have jumped from being in one bracket of taxation to being in a higher taxation bracket. So by their own efforts, and the increase in the earnings that they're facing, whether that's just through inflation or, for another group of taxpayers, through receiving promotions or other things, that inflationary effect has meant that more people are having to pay more tax. 