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

Since we were elected, we have reduced the debt legacy that Labor left behind by over $110 billion. We have reduced government expenditure by more than $50 billion. We have seen over 300,000 new jobs created. This year, we are seeing 10 times the number of jobs created in the Australian economy each month than was the legacy of Labor. That means we are creating more jobs today than have been created in years. Why? Because we got rid of the taxes that Labor was proud of. The carbon tax—they were very proud of that. That was a cracker of a tax. They taxed everything in the community, hit every household. The mining tax—one of the member for Lilley's proudest achievements. Who could ever come up with a tax that raises no money? The member for Lilley. That was a great tax that made our mining industry certainly less competitive. It was like a handbrake at exactly the wrong time.

We have got rid of Labor's bank deposit tax. They wanted to hit every savings account, every superannuant, every individual in the community, with a new bank deposit tax. We got rid of Labor's car manufacturing tax. Remember that—the FBT change on cars? That was hitting the car industry right in the chops. At exactly the wrong time, car sales just stopped right across the community because the member for McMahon had a brain wave: 'Let's come up with a new tax on charities and cars'. That did not go too well.

I am pleased to say we have also gotten rid of the Leader of the Opposition's piggy bank tax. He was raiding every kid's piggy bank. He was breaking them open with a chisel and saying, 'Your money is mine'. I am sorry about that. To all the children of Australia, I can only apologise for the behaviour of the Leader of the Opposition. But along comes the Prime Minister and saves the piggy banks. Every single dollar in Australia is safe because the coalition knows that the best way to strengthen the economy is to remove the taxes and the best way to strengthen the economy is to invest in infrastructure—a $50 billion program of new infrastructure, creating new jobs. And, finally, the best way to create jobs and prosperity in Australia is to back new trade agreements, including the one with China, which removes foreign taxes on the things we produce and gives us better-paying jobs.

Ms Butler interjecting—

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