Andrew Leigh (Fraser, Australian Labor Party, Shadow Assistant Treasurer) Share this | Link to this | Hansard source

My question is to the Treasurer. Will the Treasurer's multinational tax bill introduced in the House today cover activities in known tax havens such as Bermuda, the Isle of Man and the Cayman Islands? Did the Treasurer consult with the new Prime Minister on the multinational tax bill before he introduced it?

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

The answer is I consulted with all my colleagues in the party room on Tuesday and they all supported our attempt to get the multinationals to pay their tax. Put up your hand if you support what we are doing on multinational tax. There you go. Is that enough? I tell you what, when it went through the cabinet it was supported by the Prime Minister and it has been supported—

Ms Butler interjecting—

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

The member for Griffith has been warned.

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

because we are the only parties that are cracking down on the multinationals not paying their tax. We are absolutely determined to do everything we can to lead the world—

Ms Rowland interjecting—

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

The member for Greenway is warned.

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

in making sure that companies that are earn profits in Australia pay tax in Australia. The Australian people deserve no less. As I have been saying for two years, as we said at the G20 and as we said even before that, it is patently unfair when a small-business person or a worker in Australia has to pay tax but a multinational that earns money here does not pay tax. And that is why in the budget I announced a new proposal, multinational anti-avoidance laws, to ensnare the companies that are running money right around the world, including to the tax havens identified by the shadow Assistant Treasurer. That is why we identified it. We consulted and introduced the legislation today.

Dr Chalmers interjecting—

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

The member for Rankin is warned.

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

Given he is such a self appointed expert in relation to multinational tax, I can inform the House that there has been a very interesting document just released under freedom of information. It is a document that is an analysis of the Labor Party's proposal in relation to multinational tax. How did that get out? It identifies the negative impact of the Labor Party proposals in relation to multinational activity. So not only would the Labor Party proposal, which claims to raise $1.9 billion over the forward estimates, not work but the key thing is it would cost jobs.

Ms Plibersek interjecting—

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

The member for Sydney will cease interjecting.

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

This is Treasury advice. The Labor Party proposal in relation to multinationals would cost jobs and it would deter economic activity and it may well cause the multinationals to move overseas at a penalty to Australia. From our perspective, we want jobs and we want growth. We want the multinationals to pay their fair share of tax. We make no apologies whatsoever for introducing world-leading legislation and we will continue to pursue the case that people that earn profits in Australia must pay tax in Australia. (Time expired)