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Monday, 25 June 2018
Page: 6165

Taxation


Mr HUSIC (Chifley) (14:40): My question is to the Prime Minister. Last week the government told 8,000 workers losing their jobs at Telstra that 'these things do happen'. But, this week, the Prime Minister is doing everything he can to give big business—including Telstra and the banks—an $80 billion tax handout. A week after Telstra sacked 8,000 workers and in the middle of a banking royal commission, why is the Prime Minister awarding Telstra and the big banks and punishing workers?


Mr TURNBULL (WentworthPrime Minister) (14:40): 'Cutting the company income tax rate increases domestic productivity and domestic investment. More capital means higher productivity and economic growth and leads to more jobs and higher wages'—that was the member for Maribyrnong on Tuesday, 23 August 2011.

As Australia is buffeted by economic events overseas, we understand that lowering corporate tax assists the creation of jobs. What can be more important in this country than the creation of jobs?

That was the member for Maribyrnong—

Ms Butler interjecting

The SPEAKER: The member for Griffith is now warned.

Mr TURNBULL: on Wednesday, 14 March 2012.

We recognise that, in a world of mobile capital, if we have high company tax rates our companies will not get the investment that they need to grow employment and boost wages.

That was the member for Fenner on 23 October 2011.

If you are helping economic growth you are then helping the wages of working people … Good for businesses, good for growth, good for jobs and good for wages: that is what a cut in company tax is.

That was Julia Gillard on 15 March 2012.

Really, Mr Speaker? The Labor Party has now decided that there is no connection between lower company taxes and jobs. Every single Labor Party leader, including the gentleman opposite, has said precisely that—lower company tax means more investment, more jobs, higher wages and stronger economic growth. Paul Keating set that out in his policy speech in 1993. And it was the Leader of the Opposition, the member for Maribyrnong, who, 20 years later, described Paul Keating as 'an economic genius' for the way he took on the realities of the economy and was prepared, in the manner outlined by the member for Grayndler, to embrace business and recognise that business is the engine room of jobs. The Leader of the Opposition and the Labor Party of today, much to the dismay of the member for Grayndler and so many others, have abandoned the very people the party was founded to protect.