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

I further amend my previous answers to this question for the simple reason that we have no policy to increase the rate of corporate tax in Australia. We have no such policy. The government hasn't gone and costed a policy to increase taxes on small businesses, medium businesses or large businesses. We're not doing that. That is the Labor Party's policy. The Labor Party's policy, as recent and as minted as the Leader of the Opposition's presentation at the despatch box after the budget, is to increase taxes on all businesses with a turnover of over $2 million in this country.

If the Labor Party were ever to occupy these benches, and if the shadow Treasurer became the Treasurer, what would be the single biggest revenue earner over the budget and forward estimates? Would it be putting up taxes on big banks and businesses? No, it wouldn't be. It wouldn't be that at all. Would it be, indeed, lifting the marginal tax rate on the highest income earners in Australia? It wouldn't be that either. It wouldn't come close. Would it be on family businesses, on family trusts? No, it wouldn't be that. Would it be negative gearing and capital gains tax increases? All of this does add up to a lot of tax, I admit. There are a lot of taxes coming from that side.

The single biggest revenue measure—the single biggest tax slug—that the Leader of the Opposition and the Labor Party are going to put on Australians in their first budget, if they are elected, over the budget and forward estimates is on retirees. Over $10 billion—and that's just two years! They're just cranking it up. Retirees will be forced, under the Labor Party's policy, to get their shovels out and put their hard-earned money into the Leader of the Opposition's pockets so he can run around and make big political promises.

But Australians understand this Leader of the Opposition. They know how shifty he is. They know he's shifty when it comes to using other people's money to try and put forward and promote his own political agenda. He is unbelievable. He is completely 'Unbelieva-Bill'.

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