Joe Hockey (North Sydney, Liberal Party, Treasurer) Share this | Hansard source

So there is something magical about $1.1 billion. Labor are voting against their own announced policy in relation to saving the budget $1.1 billion in relation to taxation abuse by major companies. The second thing is in relation to thin capitalisation, which is one of the issues that have previously been raised. The Labor Party said they want to do something about thin cap rules. We said there is some legitimacy to that but, when we asked the Treasury for advice on the impact of the announced but never legislated changes by Labor, Treasury advised us that it was going to punish Australian companies that wanted to expand offshore even when they were prohibited by competition policy from expanding in Australia. That is classic Labor.

Mr Conroy interjecting—

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