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Tuesday, 26 June 2018
Page: 6375

Taxation


Mr BOWEN (McMahon) (14:45): My question is to the Treasurer. This morning the Treasurer said about his $80 billion big business tax cut: 'I don't consider tax relief a cost to the budget.' Is the government's $80 billion big business tax cut unfunded because the Treasurer believes he can conjure the money out of thin air? Isn't it a fact that spending $80 billion on a big business tax cut just means more cuts to Medicare, schools and the pension?

Mr Pasin interjecting

The SPEAKER: The member for Barker is warned.



Mr MORRISON (CookTreasurer) (14:46): 'Reducing company tax … promotes investment, creates jobs and drives growth'—who said that? The member for McMahon in 2013. The snake charmer over there, the member for Rankin—

The SPEAKER: No. The Treasurer will withdraw that.

Mr MORRISON: I withdraw. 'Australia would go well out of a lower company rate than it is right now'—that was in 2016. 'Cutting the company 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 Leader of the Opposition. The member for Lilley said: 'Reducing company tax will create new jobs and grow the economy right around the country—to the ultimate benefit of all Australians.' Former Prime Minister Julia Gillard said: 'If you're against cutting company tax, you're against economic growth.' The hide of the member for McMahon.

My point is simply this: we on this side of the House understand that what people earn is their money, and I'm not going to call it a cost or a giveaway when we give them tax relief. The revenue estimates are set out in the budget. The budget returns to balance a year earlier than we projected; net debt turns the corner this year—$30 billion down over the next four years, $230 billion over the next 10 years—unemployment is falling, with more than a million people in jobs; and we've got a AAA credit rating. That's our record. Their record was gross debt running at over 30 per cent. In this budget we've got that down to two per cent. It was 30 per cent under Labor and it's now down to two per cent.

No longer under this government are we borrowing to pay for everyday expenditure, like on pensions, schools and hospitals. The only reason we're issuing government securities today is for the defence industry plan, which is creating jobs; for the infrastructure plan, which is creating jobs; and we refuse to raid the Future Fund. We refuse to raid the Future Fund. I look forward to the shadow Treasurer being told what his policy is with the next captain's call from the Leader of the Opposition.