Jason Falinski (Mackellar, Liberal Party) Share this | Link to this | Hansard source

My question is to the Treasurer.

Opposition Members:

Opposition members interjecting—

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

The member for Mackellar will resume his seat. The member for Perth, the member for Kingston, who is interjecting even now, and all those up that end will cease interjecting. Members want to hear the question asked. The member for Mackellar has the call.

Jason Falinski (Mackellar, Liberal Party) Share this | Link to this | Hansard source

Thank you, Mr Speaker. My question is to the Treasurer. Can the Treasurer update the House on what the government is doing to ensure Australia has a competitive and growing economy? Is the Treasurer aware of any threats that undermine national economic growth and reduce living standards for hardworking Australians?

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

I thank the member for Mackellar for his question. He will be pleased, as members on this side of the House are and indeed all members of the House should be, that the government's national economic plan is getting results. In the last 12 months, in the fiscal year, more than 240,000 Australians got jobs. More than 240,000 Australians got jobs as we continue to implement our national economic plan to drive growth in the economy because that is how you boost Australians' wages and their incomes, which is so important. Cutting taxes for small and medium-sized businesses and seeking to extend that across the economy, providing investment in our infrastructure of some $75 billion over the next 10 years, investing in building the capability of our defence forces and assets here in Australia, investing in innovation and science and opening up the trade agenda—all of these things are driving growth in our economy. Over the last 12 months, some 240,000 jobs were created.

It isn't bad enough that those opposite, the Labor Party, when it comes to addressing these issues have an industrial relations policy—on this side of the House, our industrial relations policies are putting the rule of law back into the building and construction industry. We're making sure that corrupt payments can't be made to union officials. If it isn't bad enough that the Labor Party's industrial relations policy is written on a brown paper bag—that's the Labor Party's industrial relations policy; they should be very familiar with the sight. If it's not bad enough that that's their industrial relations policy, when it comes to taxing the Australian economy and taxing Australia out of business, this opposition wants to set new limits.

Under our budget policy, there is a speed limit on taxes. Our budget policy says the taxes as a share of the economy cannot rise above 23.9 per cent. That is there over the budget and the forward estimates. But the member for McMahon, the shadow Treasurer, at the last election made it clear that Labor will abolish the speed limits on taxes in this country. Indeed, at the election, the projection of their tax to GDP over the next 10 years would get to 25.7 per cent. In today's terms, in this current year, that would mean there would be $31 billion more in higher taxes under a Labor government than under this side of the House. How do they think someone is going to be able to get a higher wage and a job in an economy where Labor is pressing down more than $30 billion in higher taxes in just one year? The Labor Party is driven by the politics of envy; we're driven by the economics— (Time expired)