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Tuesday, 27 February 2018
Page: 2058

Taxation


Mr FALINSKI (Mackellar) (14:07): My question is to the Treasurer. Can the Treasurer update the House on how the budget is delivering on the government's plan to reduce taxes on our economy? Is he aware of any alternative approaches and the implications of those approaches?


Mr MORRISON (CookTreasurer) (14:08): I thank the member for Mackellar for his question.

Ms Butler interjecting

The SPEAKER: The member for Griffith will cease interjecting. She is warned.

Mr MORRISON: The budget has now been consistently projected to return to balance in 2020-21 over five consecutive statements over the last two years. The tax cuts that are included in that budget have already been delivered for businesses with a turnover of up to $50 million. The extension of those tax cuts to all businesses in the economy in that budget is being done to drive the growth in jobs in our economy that we are seeing. More than 1,100 jobs were created every single day last year—some 403,100 jobs. On this side of the House, the Liberal and National parties are the parties of jobs and the parties of growth. The coalition's economic plan is being implemented. It is working. We are getting on with it, and there's more to come. There is more to come on the coalition's economic plan to drive growth.

There's a different approach that comes from those in the Labor Party. We learnt yesterday that the Deputy Leader of the Opposition is as good at economics as she is on geography. Normally that wouldn't be such a problem, but we read today that the Deputy Leader of the Opposition's left faction is the one now calling the tune and dictating the terms on economic policy in the Labor Party. That's what's happening. Paul Keating and Bob Hawke would never have stood for that. They would never have sat there and been dictated to by the Left on economic policy. But this Leader of the Opposition and this shadow Treasurer have been forced out there to recant all the things they used to believe. The Leader of the Opposition today is worried that perhaps we might be following 'Trumponomics', as he refers to it. Well, he is giving his shadow Treasurer very little credit—because in that great tome Hearts & Minds, which I have had on loan from the Library for some months—

The SPEAKER: The Treasurer knows the rules on props.

Mr MORRISON: and no-one else has come to borrow it, I assure you—no-one on that side—

The SPEAKER: The Treasurer will resume his seat. The Treasurer knows the rule on props. He has a shocking history with them. He will return to the dispatch box without it.

Mr MORRISON: Thank you, Mr Speaker. What the Leader of the Opposition forgets is that, in that book, the shadow Treasurer said: 'Reducing company taxes promotes investment, creates jobs and drives growth.' Perhaps President Trump read the shadow Treasurer's book! He should be claiming more credit for these things. Perhaps others should read it. Perhaps the shadow Treasurer should read it again—because he has walked away from every conviction and belief he once held on the Australian economy. He is sitting there while the Labor Party runs off to the 'almond latte Left'. They are taking their dictation from the left wing of the Labor Party, and, when they are not doing that, they are taking their instructions from union thugs, seeking their praises.