Kelly O'Dwyer (Higgins, Liberal Party, Minister for Revenue and Financial Services) Share this | Hansard source

I understand why the member opposite is very sensitive on this point, because it is very embarrassing. But let me say that what is even more embarrassing is the depth that the Labor Party has sunk to and the adolescent games that they continue to play in this parliament, which have no impact on the legislation. That legislation, by the way, has today passed through not only the House but the Senate. It is legislation that helps us to combat multinational tax avoidance through the Australia-Germany tax treaty legislation.

In fact, we are very, very proud on this side of the House of our record on combating multinational tax avoidance. The opposition had six years to do something about this, but they sat on their hands. It takes a coalition government to actually do something about it. Only last year, we passed the multinational anti-avoidance law. The multinational anti-avoidance law is the most significant reform that has been brought into this parliament for decades to stop multinationals profit-shifting offshore. It provides increased penalties to the Australian Taxation Office and gives them increased powers. It means that Australians can have confidence in our Australian tax system. But did we receive help from those opposite? Did they talk the talk and walk the walk? No, every single one of them over there voted against these important reforms.

At the same time, we have increased the resources of the Australian Taxation Office. We have done that by increasing the international division of the ATO. It is much larger than it was under Labor. We also established the Tax Avoidance Taskforce in this year's budget, which will raise $3.7 billion over the forward estimates period. We have introduced country-by-country reporting, which means that our Australian Taxation Office will know the tax that is paid by these multinational companies in every country in which they operate. The Australian Taxation Office will be able to ensure that they can raise tax assessments here in Australia. We have also published tax information for tax transparency, we passed legislation to limit the scope for multinationals to claim excessive debt deductions and we are improving the integrity of the GST regime as well. These are only some of the elements that, on our side of the House, we have passed, no thanks to those opposite. (Time expired)

See this speech in context