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

I thank the member for Groom for his question. He knows that to grow our economy and to support more and better-paid jobs, you need to keep taxes as a share of the economy, the tax burden on the Australian economy, as low as possible. That's why, as the Prime Minister has just reminded the House, we as a government have cut taxes. The Turnbull government has cut taxes. We have cut small business taxes. We have cut medium-sized business taxes. We have cut personal income taxes. We have cut taxes for entrepreneurs, for innovators and for wage earners, and we want to cut taxes for young families who want to save for their first home. We want to ensure that the corporate tax rate in this country is internationally competitive. We've also put a speed limit on taxes in our budget. We have a speed limit on taxes to ensure it does not rise above 23.9 per cent as a share of the economy.

That is because the Turnbull government believes in the economics of opportunity. The Leader of the Opposition leads a Labor Party that is committed only to the politics of envy. That's why they do not agree with keeping the tax burden on the Australian economy low. Labor will increase the tax burden on the Australian economy by more than $150 billion in a barrage of taxes, putting up taxes on small business, on medium-sized business, increased taxes on investment—

Dr Chalmers interjecting—

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