Dan Tehan (Wannon, Liberal Party) Share this | Link to this | Hansard source

My question is to the Treasurer. Given that we now know that the mining tax has cost $50 million to collect and only raised $126 million in its first six months yet is linked to $15 billion worth of expenditure, does the Treasurer agree with financial commentator, George Megalogenis, who said of the Treasury yesterday: 'You are almost in idiot territory if you are spending the money ahead of its receipt.' (Time expired)

Wayne Swan (Lilley, Australian Labor Party, Treasurer) Share this | Link to this | Hansard source

First of all, I want to make the point that all of the policies are fully costed in our budget and fully reflected in our budget bottom line. I know that those opposite find that highly embarrassing because we are delivering for Australia—across the regions of this country—some of the most important projects that Australians have been waiting for for a long time. For example, in Perth, the Gateway project is being delivered. I think that those opposite might want to just take a bit of a breath here, because what we have been doing is putting in place some fundamental investments across our economy. I know they are highly embarrassed by the fact that they opposed the instant asset write-off which has been a massive boon for small business in our community. In fact, that is the policy that they are going to take to the next election—to get rid of it. They want to get rid of that for hundreds of thousands of small businesses. I know they are highly embarrassed by that as well.

I would just be a bit careful, when you are seeking to make your political points, about what you are committing yourself to: a major attack on small business and a major attack on superannuation. It is on something like eight million Australians with superannuation. That is what you are committing yourself to, in addition to getting rid of the tripling of the tax-free threshold.

You can see that the realisation is starting to dawn on a couple of the faces over there about what a sledgehammer those opposite are planning for the Australian economy—

Mr Briggs interjecting—

Ms Anna Burke (Speaker) Share this | Link to this | Hansard source

The member for Mayo is warned.

Wayne Swan (Lilley, Australian Labor Party, Treasurer) Share this | Link to this | Hansard source

small businesses and the Australian workforce.