Angus Taylor (Hume, Liberal Party, Shadow Treasurer) Share this | Hansard source

I will continue to talk about our tax system and how those opposite are not refining and improving it. In fact, they are making it much worse. But 'refining and improving' is the topic, and I will stick very much to that topic of how we should improve our tax system and how those opposite aren't.

Despite claiming that fewer than 80,000 Australians will be affected by their superannuation tax, independent research has shown that, by retirement age, more than 500,000 Australians will be hit by their tax. That's not refining and improving. That is making our system much worse. What's even worse is the government can't explain how these changes will work. It's true that the real economists on that side of the House don't get to speak on these things. They have to sit behind the Treasurer, who really has no background in economics. It's not hard to see that there is a real problem with the calibre of the people. Trying to explain all of this is the member for Parramatta and the member opposite me here, the member for Fenner. But the truth is that we have had no real explanation of these policies. The Assistant Treasurer has no capacity to explain these policies. They certainly don't refine and improve our tax system. The Prime Minister says it will impact one in 200 people. The finance minister says it is one in 10. If the government can't explain it, how can Australians understand it?

Australians are right to be wondering what Labor will do next. Small-business owners were shocked to see it buried in last year's budget when those opposite were ending the extension of the instant asset write-off. This is a big deal for small businesses. If that is the government's version of refining the tax system, we should all be deeply worried. There was no media release from the minister or statement in the parliament; there was just a quote in the newspaper, as small businesses got hit. Sole traders would be right to—

See this speech in context