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Wednesday, 3 April 2019
Page: 14625

Economy


Mr TIM WILSON (Goldstein) (14:13): My question is to the Treasurer. Will the Treasurer outline to the House how the government's strong economic plan has repaired the budget and allowed us to pay down Labor's debt. Is the Treasurer aware of any alternative approaches?


Mr FRYDENBERG (KooyongThe Treasurer) (14:13): Last night I announced to the House that Australia is back on track and Australia is back in the black. That is the result of hard but necessary decisions that this side of the House have made over the last six years. This is good news for the people of Goldstein because, as a result of the measures announced last night, more than 24,000 small businesses in the member for Goldstein's electorate will be able to access an increase in the instant access write-off, which is now at $30,000 and now applying to companies with a turnover of up to $50 million. And more than 73,000 people in the electorate of Goldstein will now get tax relief as a result of the measures we announced.

I remind the House that when we came to government, unemployment was higher and growth was lower than they are today. But, as a result of the decisions we have taken, Australia's budgetary position is stronger. We were able to announce last night a surplus of $7.1 billion for 2019-20, a surplus in the next year of $11 billion, a surplus in the next year after that of $17.8 billion and in the year after that a surplus of $9.2 billion—$45 billion of surpluses over the next four years! A $55 billion turnaround from the budget mess left by the member for Lilley. That is the result of good economic management.

Ms Swanson interjecting

The SPEAKER: The Treasurer will pause for a second. The member for Paterson will leave under standing order 94(a). All interjections are unparliamentary—probably a bad idea to look at me while you do it.

The member for Paterson then left the chamber.

Mr FRYDENBERG: We brought spending growth down to less than half of what we inherited—under two per cent. Tax to GDP has stayed at 23.3 per cent, below our cap of 23.9. But we have a cap and those opposite don't, because they don't believe there should be any limits to taxes, because they have $200 billion of taxes.

The reality is our strong budgetary position has allowed us to invest in the things that matter to the Australian people: $100 billion of infrastructure, which will get them to work earlier and get them home to the dinner table sooner; a skills package of more than half a billion dollars to create 80,000 new apprentices; and tax cuts for more than 13 million Australians, because we believe Australians should earn more and Australians should keep more of what they earn. That is the contrast at the next election. We on this side of the House are for lower taxes. Those on that side of the House are for higher taxes. This budget presents a clear choice to the people of Australia.