Jane Prentice (Ryan, Liberal Party) Share this | Link to this | Hansard source

My question is to the Treasurer. Will the Treasurer please update the House on the state of the economy? And what actions has the government taken to strengthen the economy and create more jobs?

Joe Hockey (North Sydney, Liberal Party, Treasurer) Share this | Link to this | Hansard source

I thank the honourable member for Ryan for her question—I really do. The Australian economy is going through a significant transition as we move from the mining construction phase into the mining production phase. Mining represents—as I have said many times in this place—around 10 per cent of GDP, 10 per cent of the economy and 55 per cent of our exports. The biggest part of our economy is services—health services, education services, financial services—and they represent around 70 per cent of our economy, 80 per cent of our jobs and just 17 per cent of our exports. What can we do to create more jobs? When Labor was last in government they were creating jobs at around 2,000 a month. We are creating jobs at around 20,000 a month. What can we do that helps in that regard? The starting point is to get rid of Labor's taxes.

We have already got rid of Labor's carbon tax, which was a handbrake on the Australian economy. We got rid of Labor's mining tax, which was a disincentive for mining investment. We got rid of Labor's piggy bank tax, where they were rating every piggy bank that was not used for a certain period of time. We got rid of Labor's bank deposit tax, which was going to apply to everyone who had a savings account. And, significantly, we got rid of Labor's FBT car tax, which they were going to apply to everyone in the charitable industry who was relying on a motor vehicle supplied by their employer. We got rid of those five Labor taxes, which is significant microeconomic reform in its own regard.

We also inherited 96 taxes that were announced but unlegislated by Labor, and we dealt with all of those as well. I can report to the House that after negotiations at the G20—with George Osborne, Chancellor of the Exchequer, and other members of the G20, in Turkey, a fortnight ago—tomorrow I will be introducing into this parliament the multinational anti-avoidance law, which is the first and foremost law of its kind in the world to go after multinationals that are not paying their fair share of tax. We are ensuring, after having Australian Taxation Office personnel lodged in 30 multinational companies, we are now going to those companies—

Dr Leigh interjecting—

Tony Smith (Speaker) Share this | Link to this | Hansard source

The member for Fraser will cease interjecting.

Joe Hockey (North Sydney, Liberal Party, Treasurer) Share this | Link to this | Hansard source

identifying what their profits are and saying that they have to pay their fair share of tax in Australia. This is world-class and world-leading legislation.

Dr Leigh interjecting—

Tony Smith (Speaker) Share this | Link to this | Hansard source

The member for Fraser is warned!

Joe Hockey (North Sydney, Liberal Party, Treasurer) Share this | Link to this | Hansard source

We have worked with the OECD, I have worked with the Chancellor of the Exchequer and we have worked through the G20 to deliver this world-class leading legislation that ensures that the multinationals making big profits, in Australia, pay their fair share of tax in Australia.

Bill Shorten (Maribyrnong, Australian Labor Party, Leader of the Opposition) Share this | Link to this | Hansard source

My question is to the Prime Minister. Can the Prime Minister confirm the accuracy of the Treasurer's statement about the Prime Minister, yesterday, 'He has never said to me or to the cabinet that we are heading in the wrong economic direction'?

Christopher Pyne (Sturt, Liberal Party, Leader of the House) Share this | Link to this | Hansard source

Mr Speaker, on a point of order: I am not sure that that is within the Prime Minister's responsibilities nor am I sure that the opposition can ask about—

Ms Plibersek interjecting—

Tony Smith (Speaker) Share this | Link to this | Hansard source

The member for Sydney will cease interjecting. The member for Sydney repeatedly interjects when I am trying to hear a point of order. It is highly disorderly.

Christopher Pyne (Sturt, Liberal Party, Leader of the House) Share this | Link to this | Hansard source

Mr Speaker, that question offends a number of sections of the standing order. One, it is obviously hypothetical and, clearly, it is not within the Prime Minister's responsibilities, what the Treasurer ever thought or said.

Mr Snowdon interjecting—

Mr Dreyfus interjecting—

An opposition member interjecting—

Tony Smith (Speaker) Share this | Link to this | Hansard source

The member for Lingiari will cease interjecting as will the member for Isaacs and whoever else is interjecting behind the member for Watson. You are blocking their view.

Mr Tony Burke (Watson, Australian Labor Party, Shadow Minister for Finance) Share this | Link to this | Hansard source

Mr Speaker, on the point of order: it has to be in order for the opposition to ask a new Prime Minister whether or not he believes Australia is heading in the wrong economic direction. That has to be in order. If you want it reframed without the quote, the phrase could be asked. It has always been allowed that—

Tony Smith (Speaker) Share this | Link to this | Hansard source

Having listened to the question and listened to the member for Watson, I am going to give an opportunity for rephrasing of the question. As it was worded, originally, it does offend standing orders that the Leader of the House referred to.

Bill Shorten (Maribyrnong, Australian Labor Party, Leader of the Opposition) Share this | Link to this | Hansard source

My question is to the Prime Minister. Did the Prime Minister ever tell the Treasurer that he thought—that is, Mr Turnbull thought—that Australia was heading in the wrong economic direction?

Christopher Pyne (Sturt, Liberal Party, Leader of the House) Share this | Link to this | Hansard source

Mr Speaker—

Tony Smith (Speaker) Share this | Link to this | Hansard source

I am sorry, no. The Leader of the House can resume his seat. I will go to the next question. It has not been rephrased adequately.

Mr Tony Burke (Watson, Australian Labor Party, Shadow Minister for Finance) Share this | Link to this | Hansard source

Mr Speaker, we had a change of Prime Minister yesterday on the basis of this argument, on the basis of the economic direction of Australia. We have to be allowed to get an answer to that question.

Tony Smith (Speaker) Share this | Link to this | Hansard source

The member for Watson himself articulated the question that would be in order, if it were rephrased, and it has not been rephrased adequately. I am going to move to the next question. I am happy to give the opportunity, during the three minutes that we have, to rephrase the question. I call the member for Hasluck.