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Tuesday, 26 June 2012
Page: 7911

Mrs PRENTICE (Ryan) (09:04): As I was saying, the Leader of the Opposition noted in his budget reply on 10 May that there is 'nothing wrong with this country that a change of government can't fix'. Today my message is to Australian industry: only the coalition has the economic credentials to help business survive and prosper. The coalition is committed to lower taxes to help attract investment in critical infrastructure, develop our position as a regional financial services hub and strengthen our economy. This tax increase will damage Australia's reputation. Some international investors feel tricked into directing their funds to Australia. The 7.5 per cent rate is less than two years old, and it will now double after investors have locked in decade-long contracts. As Peter Mitchell, the CEO of Asia Pacific Real Estate Association, said, 'The Australian government's withholding tax announcement has seriously undermined global confidence in Australia as a stable investment destination.'

We must not pass this tax increase. If we want Australia's reputation to be as a regional financial services hub, if we want crucial long-term infrastructure to be built and if we want new hotels, new hospitals and new roads, we must offer hope, reward and opportunity, not more taxes. And we must vote against this bill today.