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

I thank the honourable member for his question. He gives me the opportunity to continue with my consideration of the 2010 Labor budget, because this was such an enthusiastic endorsement of a relatively small cut to company tax. It was only one per cent. They actually booked a $600 million reform dividend in additional revenue as a result of it. They said here, in their budget papers, 'The government's tax plan will promote growth across the entire economy. Independent modelling of the plan indicates it will deliver a reform dividend of 0.7 per cent increase in GDP in the long run which, over time, can be expected to flow through into taxation revenue,' which is why they booked the dividend. 'The reduction in the company tax rate is expected to increase—

See this speech in context