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

So we are setting about fixing that. Some of that comes down to tax initiatives. You would have thought that, after creating a mess and then partly offering a solution for fixing it, Labor would honour their word. Labor are now opposing a $1.1 billion integrity measure in taxation in relation to research and development—$1.1 billion. The member for Lilley announced in February last year that he was going to crack down on 20 top Australian multinationals who were gaining an advantage under R&D. He said, 'We're going to crack down on them'—a $1.1 billion crackdown.

Labor yesterday were full of commentary about tax integrity. They are defending 20 businesses with a turnover of more than $20 billion. They want to give them a tax advantage that in government they said was wrong but in opposition they are now defending. Labor are the best friends of the tax rorters and Labor should not be trusted with tax policy—no integrity; no principles; no honesty.

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