Steve Irons (Swan, Liberal Party) Share this | Hansard source

I rise to support the motion moved by the member for Forde. It's great to see the member for Gippsland in the chamber as well. I haven't seen him in here for a while, but it's great to have him back in here. I'm here to support the motion moved by the member for Forde, and an excellent motion it is. I know that, like me and many members on this side of the chamber, the member for Forde gets small business and he gets big business—and we know what the difference is. Those on the other side think it's about turnover and they want to set the bar at $2 million. Setting it at that amount is a perfect example of how Labor just don't understand business, and that's why their leader has declared war on business.

I will start off with a quote from the shadow Treasurer, the member for McMahon: 'It would be a better thing if Australia's corporate tax was more competitive.' Well, we don't have an argument with that; we all agree with that. But, as always with Labor, you don't listen to what they say; you watch what they actually do. It's not about what they say; it's what they do. We on this side of the chamber agree it would be better for Australia and everyday, hardworking Australians if our corporate tax rate was more internationally competitive. The opposition doesn't even have to take our word for it. The Treasury and the Organisation for Economic Co-operation and Development agree. A competitive corporate tax rate benefits Australia and all Australians.

Just last year, the United States slashed its corporate tax rate from one of the highest in the developed world to one of the lowest. It has gone from five basis points above ours to nine basis points below our corporate tax rate. Research conducted by the International Monetary Fund through the World Economic Outlook analysis shows that the US tax cuts will threaten the sustainability of the Australian tax system if we choose to not respond to the changes in the international market. Never fear, the coalition has a plan—the enterprise tax plan—which Treasury has confirmed could, in effect, offset the changes that will result from the US corporate tax cuts. Instead of shrinking our GDP by one per cent, the Treasury suggests we could gain a one per cent increase in our permanent GDP. In dollar terms, that represents more than $12 billion. Those on this side of the chamber understand the need to ensure there is more money in the pockets of Australian businesses, small, medium and large, which then will end up in the pockets of employees, in that there'll be more employees.

Australian businesses are, without doubt, the engine room of our economy. By reducing corporate tax rates, we're providing businesses with the opportunity to re-invest and use that money to hire more people. We've already seen just how much of a positive impact the enterprise tax plan is having. Over three-quarters of the 400,000 jobs created in 2017 were full time. These tax cuts are vital to ensuring we can create jobs for each and every Australian. It is time that the opposition followed the words of the member for McMahon and worked with this government to deliver a competitive corporate tax rate rather than played politics with our economy and the wellbeing of Australians. It is this government that has done what those opposite have never done. We on this side have given tax relief to middle Australia to ensure more money is in the pockets of those who need it.

As a Liberal, I'm of the firm belief it is better if you decide how to spend your money rather than have it taken in tax and decided for you. Under this government, half a million Aussies have been kept from moving to the second-highest tax bracket. That means more in the pockets of those who need it. As the Prime Minister affirmed again just last week in Toowoomba, this government will add more tax relief for Australians to ensure there is more money in the pockets of hardworking Aussies where it belongs. This is in stark contrast to Labor in Australia and abroad. If you look at Jeremy Corbyn and Jacinda Ardern, who went to elections with plans for higher taxes on working families, they are no different to the member for Maribyrnong and member for McMahon, who want more from Australian families.

This government understands the need to support and reward hardworking Australians to help them prepare for life after work. This government knows super is the nest egg for millions of hardworking Aussies, and that is why it removed the 10 per cent rule—a rule that was made to do nothing but impede those planning for their retirement to ensure they can support themselves through later life. This government has gone further to support those who plan and save for their retirement, by allowing catch-up concessional contributions to their super provider. This will provide assistance to those who have interrupted work patterns, most notable for this are women who leave the workforce to raise and care for children. I have more to say but I would like to state that I support the motion by the member for Forde. It is an excellent motion.

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