Malcolm Turnbull (Wentworth, Liberal Party, Prime Minister) Share this | Hansard source

Yes, indeed: is that the best you can do? A very good question addressed to the shadow Treasurer. The shadow Treasurer knows full well that the budget papers provide detailed estimates of revenues and expenditure over the forward estimates and then provide medium-term projections, as described on page 319 of Budget Paper No. 1, based on projecting the assumptions arising from existing policy with certain constraints placed into them, which I described. All of us understand that the closer a forecast is the more likely it is to be correct because there are so many uncertainties attendant on long-range forecasts.

One of the things we understand is that the direction of our national economic plan is going to deliver strong economic growth and strong jobs. It is going to deliver the jobs growth that Australians deserve. It is going to do that because we are backing Australian enterprise. We are backing innovation. We are encouraging Australians to invest in start-up companies. We are backing our defence industry, advanced manufacturing and technology here in Australia. We are ensuring that our tax is sustainable and fit for purpose into the future.

We are making very major changes to superannuation and also improving the fairness and flexibility of the superannuation system in particular to benefit women who have interrupted work patterns and who will be able to take advantage of a flexibility that enables them to catch up when they return to the workplace.

There are many other features of our superannuation changes, and there is a cost to be borne undoubtedly by people on very high incomes. But the benefits of those changes are to be found by people on lower incomes, whether they are the benefits of the LISTO or the relief in taxation on people earning $37,000 or less, and by people who are independent contractors and want to be able to contribute to super in the same way they would if they were an employee or, indeed, people over 65 who are still working and want to be able to contribute to super.

So right across the board we are making our tax system more sustainable, backing enterprise with the company tax cuts, backing small business with the expansion of the small business concession, backing innovation and backing the return of the budget to the balance that it needs to reach in order to ensure that we live within our means. We have an economic plan for growth and jobs to secure the future of our children. Everything Labor proposes stand in the way.

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