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Monday, 20 August 2018
Page: 7734

Economy


Mrs WICKS (Robertson) (14:03): My question is to the Prime Minister. Will the Prime Minister update the House on the actions the government is taking to reduce cost-of-living pressures on households, including lower taxes and cheaper energy, in my electorate of Robertson? Is the Prime Minister aware of any alternative approaches?


Mr TURNBULL (WentworthPrime Minister) (14:03): I thank the honourable member for her question. We know that many Australian families are doing it tough, and that's why we're doing everything we can to ensure they keep more of the money they earn and we reduce the cost-of-living pressures on their families.

Under our long-term plan for personal income tax relief, lower- and middle-income earners will save up to $530 this year—

Mr Champion interjecting

The SPEAKER: The member for Wakefield is warned!

Mr TURNBULL: and benefit from our plan to deal with bracket creep, which will mean that by 2024, 94 per cent of Australians will face a top marginal rate of 32½ per cent on any extra dollar they earn. That's a very big win for hardworking Australians. You'd think the Labor Party would have embraced that but, of course, they opposed it. They opposed it, just like they opposed our multinational tax avoidance legislation. Not only did they not want hardworking Australian families to pay less tax but they weren't prepared to support the government in ensuring that multinationals paid the tax they owed.

We're seeing strong economic growth and real confidence. It drove over 400,000 new jobs in Australia last year. That is being supported by our small- and medium-business tax cuts. Companies with turnovers up to $50 million a year are paying 27½ per cent tax. They're paying less tax than they were a few years back. What that means is that they have more money to invest in their businesses. The Labor Party oppose that. They are committed, as we know, to higher taxes for families, higher taxes for businesses, going after the savings of retirees and, with their reckless energy policies, higher energy prices as well. We're backing families with more affordable child care, we're fully funding the NDIS and we are able to list lifesaving medicines on the PBS because we have a strong economy and the government revenues that flow from that.

The Leader of the Opposition was telling us today, in a great example of magical thinking, about his 45 per cent emissions reduction target and a 50 per cent Renewable Energy Target—and think about this; the Renewable Energy Target is widely accepted, including by the ACCC's chairman, Rod Sims, as being one of the worst energy policies we've seen. It's been completed and we are not going to continue subsidising one technology after another but that's what Labor wants to do. As Rod Sims said, all that does is lead to higher and higher prices.

Ms Burney interjecting

The SPEAKER: The member for Barton is warned.