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Wednesday, 9 May 2018
Page: 3447

Budget


Mr SHORTEN (MaribyrnongLeader of the Opposition) (14:00): My question is to the Prime Minister. What is the total cost of corporate tax cuts over 10 years from 1 July 2018, both legislated and proposed to be legislated by the government?


Mr TURNBULL (WentworthPrime Minister) (14:00): The medium-term cost of the tax cuts, which was given, was $65 billion. That included the small- and medium-company tax cuts. What the honourable members opposite have done—

The SPEAKER: The Prime Minister will resume his seat. The Leader of the Opposition on a point of order?

Mr Shorten: It's on direct relevance. Perhaps the Prime Minister didn't hear it. We said the cost of the corporate—

Government members interjecting

The SPEAKER: Members on my right are preventing me from hearing the point of order.

Mr Shorten: The question I asked was on the cost of the corporate tax cuts for 10 years from 1 July 2018.

Mr TURNBULL: The Treasurer advises that the cost of the unlegislated tax relief for business is $35 billion and the cost in the final year, which is outside of the medium term—figures for which were given at the last budget—is just under $10 billion. What the Labor Party are demonstrating in their questions and the reference to an $80 billion figure—they've simply added $15 billion to $65 billion; it has no financial basis—is that their plan is to repeal all of the legislated tax cuts for Australian business. What they want to do is not simply oppose the unlegislated tax cuts for larger businesses but repeal the tax cuts for Australian family-owned businesses of up to $50 million turnover, which employ 6.8 million Australians. That's what Labor wants to do: undermine the investment, the optimism and the entrepreneurship that are driving the record jobs growth we've seen—415,000 jobs last year—and the strong economy that is enabling us to deliver the outcomes for Australian families. Ten million Australians will receive tax relief from the Treasurer's budget, and we will move to a personal income tax system that is simpler and fairer. All of that is only enabled by a strong economy, and the Labor Party wants to pull the rug out from under that stronger Australian economy by abandoning Australian family-owned small and medium businesses, as every question they've raised indicates.