Chris Bowen (McMahon, Australian Labor Party, Shadow Treasurer) Share this | Link to this | Hansard source

My question is to the Treasurer. Treasurer, the 10-year corporate tax cut plan was your self-described centrepiece of last night's budget. Is the Treasurer seriously telling the House that he did not have costed over 10 years the centrepiece of his own budget?

Scott Morrison (Cook, Liberal Party, Treasurer) Share this | Link to this | Hansard source

Our plans are fully costed. They are accurate and they can be relied upon, just like our commitment to cut company tax. We know that a tax on the businesses that employ millions of people in this country is a tax on their enterprise. A tax on that is a tax on growth and jobs.

Those opposite used to believe that. In fact, it was not that long ago in that great tome Hearts and Minds that the shadow Treasurer said:

… the United Kingdom, facing a much tougher fiscal situation than Australia's, cut its company tax rate to 23 per cent in April 2013, to be reduced further to 21 per cent in April 2014.

That is what he said. He said they did that even though times were tough and things were difficult and it would have been hard to afford. He said, 'That is something that should be admired. That's what should be done.' But on 2 May 2016, this is what he said:

I don't think that a cut for the company tax rate of Australia's largest companies is a priority at the moment.

We know that those opposite will change their view on pretty much every issue to whatever they think will politically advantage them. It is not about a good economic plan for Australia. It is not about having a plan for Australians across the country. It is just about a plan to prop up one person, and that is the Leader of the Opposition. What they do is all about one person. It is about trying to drag this Leader of the Opposition along and make him look as good as they possibly can. They do not have a plan for the future; they have a plan for higher taxes.

The Australian people know that the more those opposite propose to spend the more they will be taxing. Every time you see the Leader of the Opposition's lips moving he will be spending more money and then he will be taxing you more. That is what you will learn every single day of the election campaign that follows. They will keep spending and, as a result, they will keep taxing.

The costing of the company tax cut in this budget is $5.3 billion over the budget forward estimates. You can rely on that. Australian businesses know they can rely on a government that understands that a dollar in the hands of someone who earned it is better than a dollar in the hands of the government. But those opposite do not think that. Those opposite cannot tax this economy high enough. We have a Leader of the Opposition who will make it until he can fake it and we have a shadow Treasurer who will tax it until he can break it.

Mr Dreyfus interjecting—

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

The member for Isaacs is now warned.