John McVeigh (Groom, Liberal Party) Share this | Link to this | Hansard source

My question is to the Treasurer. Will the Treasurer outline to the House what action the government is taking to keep taxes under control in order to boost our economy? Is the Treasurer aware of any alternative approaches?

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

I thank the member for Groom for his question. He knows that to grow our economy and to support more and better-paid jobs, you need to keep taxes as a share of the economy, the tax burden on the Australian economy, as low as possible. That's why, as the Prime Minister has just reminded the House, we as a government have cut taxes. The Turnbull government has cut taxes. We have cut small business taxes. We have cut medium-sized business taxes. We have cut personal income taxes. We have cut taxes for entrepreneurs, for innovators and for wage earners, and we want to cut taxes for young families who want to save for their first home. We want to ensure that the corporate tax rate in this country is internationally competitive. We've also put a speed limit on taxes in our budget. We have a speed limit on taxes to ensure it does not rise above 23.9 per cent as a share of the economy.

That is because the Turnbull government believes in the economics of opportunity. The Leader of the Opposition leads a Labor Party that is committed only to the politics of envy. That's why they do not agree with keeping the tax burden on the Australian economy low. Labor will increase the tax burden on the Australian economy by more than $150 billion in a barrage of taxes, putting up taxes on small business, on medium-sized business, increased taxes on investment—

Dr Chalmers interjecting—

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

The member for Rankin is warned.

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

Increased taxes on housing, increased taxes on family businesses, increased taxes on superannuation savings and increased personal taxes. It is an absolute tax blizzard that will come from a winter of taxes delivered by the Leader of the Opposition if he were ever to become Prime Minister of this country, freezing growth that is needed for more and better-paid jobs. He will remove the tax speed limit on the budget. We know that on the taxes they announced at the last election—and it has got a lot worse since then—taxes as a share of the economy will rise to 25.7 per cent. In current year terms that would be an additional $31 billion in tax burden on the Australian economy. On this side of the House we believe in the economics of opportunity. We on this side of the House believe that you work hard, you go to work, you invest and you make a better future for yourself. We want a tax system that supports that. You can't pay the bills with the politics of envy.

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

Mr Speaker, I seek leave to table a document, the press release in relation to the minister's answer, from the Parliamentary Budget Office, which says that references in the media this morning to modelling being released today—

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

The member for McMahon will resume his seat. Is leaved granted? Leave is not granted.