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

They're not happy, are they? They're not happy. I'll tell you what they're not happy about. They're not happy that a million jobs have been created since this government was first elected in 2013. They're not happy that the unemployment rate is falling. They're not happy that we've turned the corner and we've wrestled Labor's runaway debt to the ground and we're turning that debt around. When we came to office it was running at 30 per cent a year. They're not happy that 3.1 per cent is now the growth rate of the Australian economy. They're not happy about that. They're not happy that the deficit has halved in the last couple of years and that it'll come back into surplus in 2019-20, a year earlier than had been projected. They're not happy the AAA credit rating has been retained when, all the way through, over the last few years, the shadow Treasurer, in particular, has been seeking to goad ratings agencies into downgrading Australia's credit rating. They're not happy that the jobs and growth that the Turnbull government pledged at the last election are being delivered, and are being delivered in spades.

The Turnbull government has a plan for a stronger economy, and it's a plan that is working. That is demonstrated in the more than 10 per cent growth in non-mining investment in the most recent national accounts. This is five times the historical average, turning around the investment story in this country. Do you know how that happens? It happens because of lower taxes and understanding that, when businesses and individuals are given the opportunity to keep and invest their own funds, it gives them hope, it gives them aspiration, it gives them incentive and it gives them purpose. That is what leads to the results that we're seeing in our economy today.

Our plan for a stronger economy is working. The plan for a stronger economy was set out in the budget, a strong document which sets out a strong plan to deliver the growth that we pledged and the jobs that follow from it. That plan has five key points that I set out in this budget. The first of those was lower taxes—lower taxes for personal income tax and lower taxes for businesses to ensure they remain competitive. Having lower taxes relieves the pressure on households, but it also empowers those households. The plan that has been voted on in this place today is a plan that the Labor Party voted for in full when it first came into the House, and now they've voted against it. They voted for it; they voted against it; they voted on at least two other options in the last few weeks.

You cannot trust a party that cannot keep its line straight when it comes to tax. Who knows what the Labor Party believes on taxes?

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