Josh Frydenberg (Kooyong, Liberal Party, Treasurer) Share this | Hansard source

I thank the member for Longman for his question and also for his extensive experience in small business. He understands that small business is the backbone of the Australian economy. He was talking to small businesses across his electorate, including in Caboolture, and they were saying that in the lead-up to last year's election fear of a Labor Party victory saw the phones go silent, but after the coalition's victory they have been as busy as ever in Caboolture, including the removal business that has bought a $120,000 truck, and including the garage and shed business that has employed a new crew. Those businesses are getting the benefit of the coalition's tax cuts for small businesses—legislated tax cuts to reduce the tax rate down to 25 per cent—and the instant asset write-off to companies with a turnover under $50 million, and up to $30,000, has been extended. The tax cuts we are providing, including the income tax cuts, have seen more than eight million Australians receive more than $6 billion in the first six months of those legislated tax cuts. This has helped with creating 1.5 million new jobs since we came to government, and in bringing the unemployment rate down from 5.7 per cent to the 5.1 per cent it is today.

We're on the side of lower taxes, but not everyone in this place believes in lower taxes! At the last election, those opposite promised $387 billion of higher taxes and to whack the so-called top end of town, the retirees, the mums and dads and the families businesses. So, you can imagine my surprise when I saw that the Leader of the Opposition being interviewed by Andrew Clennell on Sky News. He was asked a very direct question: 'Would you envisage no new taxes?' Here was his big chance to learn the lesson of the last election. This is what he said, 'We will consider them in terms of what revenue is required.'

See this speech in context