Josh Frydenberg (Kooyong, Liberal Party, Assistant Treasurer) Share this | Hansard source

so that the international tax division in the ATO is larger under us than it was under Labor. We are working cooperatively, led by the Treasurer through the G20 process, to get greater information sharing. I am asked are there any risks to this approach. The biggest risks are coming from those opposite, because just the other week we passed through the Senate legislation which will give us a saving to the budget of $1.3 billion by improving the R&D tax concessions for some of Australia's largest companies, including multinationals. Do you know what? Those opposite opposed it, even though it was their legislation when they went to last election.

I have a quote that I would like to share. It is a very good quote. It says:

We said we would remove the R&D tax concession for large companies with a $20 billion Australian turnover or more, to ensure innovation spending is directed to where we will have the biggest benefit … it's a down payment on the repair that the budget needs.

Who do you think said that? Prime Minister, did you say that? Treasurer, did you say that? Did the member for McMahon say that, the professor of ouzo economics with a masters in the marginal tax scales? No. It was the member for Lilley—Euromoney's treasurer of the year and the second most famous graduate out of Nambour high.

Always look at what Labor does not what Labor says. I want to finish with a quote and it comes from an interview on AM on 17 July between Chris Uhlmann and the Leader of the Opposition. The question from Chris Uhlmann to the Leader of the Opposition:

… why won’t you even back your own cuts?

The answer from the Leader of the Opposition:

Chris, we're the Labor Party.

Enough said.

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