Scott Morrison (Cook, Liberal Party, Treasurer) Share this | Hansard source

I thank the member for La Trobe for his question and his keen interest in the budget and how the budget is actually providing for Australians' future prosperity. Last night was not just another budget. Last night was a national plan for jobs and growth in a stronger new economy. That is what it was. It was about a national economic plan. What the Australian people need, what they are looking for and what they have received is a national plan to take us through the transition from the resources investment boom to a newer, diversified economy, where all Australians who are running businesses can grow their businesses and find jobs in those businesses.

There are six key points to that plan. Firstly, there is an innovation and science program for start-up businesses. Just passed through the House today are measures that will be there for angel investing in new start-ups—a measure that was particularly championed by the member for Banks—to ensure that we can get start-up businesses happening.

Secondly, there is a defence plan for high-tech manufacturing and technology. This is about a defence industry plan which is providing for high-tech jobs for decades, ensuring a naval shipbuilding program with the decisions that were taken by this government, decisions that were ignored by those on that side of the House for six years. It took this side of the House to make those decisions and to decide to build the naval fleet improvements here in Australia. This is providing the basis for our defence supply chain right across the country.

Thirdly, there are export trade deals to generate new business opportunities. This government's record on expanding trade opportunities is well known. I acknowledge in this House again the former trade minister Andrew Robb, who was the greatest trade minister this country has ever had—and I have no doubt that the new minister will be up to that same task as well.

Tax cuts and incentives for small business and hardworking families is the fourth point in this plan. The enterprise tax plan supports small businesses, which employ hundreds, thousands and millions of Australians who are in hardworking families and depend on the success of that business for their job and for their future. It will support them in those businesses, in addition to supporting those hardworking families in that middle-income tax bracket, which we have expanded so that they do not pay higher rates of tax as they work harder and as they save and invest for the future.

This is a sustainable budget which cracks down on tax avoidance and loopholes, in particular multinational tax avoidance, which was ignored by those opposite when they were in government and ignored by those opposite in opposition when they voted against the laws. Our policies on multinational tax avoidance will deliver $3.9 billion to the bottom line, which means we can fund the tax incentives that are needed and guarantee funding to health, education and roads with real money that families can rely on.

Ms Butler interjecting—

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