Bernie Ripoll (Oxley, Australian Labor Party, Shadow Minister Assisting the Leader for Small Business) Share this | Link to this | Hansard source

My question is to the Prime Minister. I refer the Prime Minister to reports that more than eight out of 10 of the nation's biggest corporations do not pay the full 30 per cent corporate tax rate. How is this fair to the nation's 3.2 million small businesses who pay their tax and make their contribution? Why has the Prime Minister walked away from closing $1.1 billion in tax loopholes for multinational corporations?

Tony Abbott (Warringah, Liberal Party, Prime Minister) Share this | Link to this | Hansard source

Members opposite ask the same question and I give the same answer. The answer is that we are cracking down on tax loopholes. There was a tax loophole which members opposite, in government, thought was so serious that they announced legislation to close it.

Mr Conroy interjecting—

Mrs Bronwyn Bishop (Speaker) Share this | Link to this | Hansard source

The member for Charlton will desist!

Tony Abbott (Warringah, Liberal Party, Prime Minister) Share this | Link to this | Hansard source

They did not pursue that legislation in government because they were monumentally incompetent. We are pursuing that legislation and members opposite are now opposing us. There is $1.1 billion of tax revenue that we could get by closing this R&D tax loophole which is being exploited by large foreign multinationals, and what are members opposite doing—are they supporting us? No, they are not; they are opposing us. It just goes to show that, when it comes to managing the economy, you just cannot trust the Labor Party.