Julia Banks (Chisholm, Liberal Party) Share this | Link to this | Hansard source

My question is to the Minister for Revenue and Financial Services. Will the minister update the House on the importance of creating a tax setting that helps grow the economy and reduces the tax burden on hardworking Australians? Is the minister aware of any alternative approaches that pose a threat to Australian small businesses and families alike, including in my electorate of Chisholm?

Kelly O'Dwyer (Higgins, Liberal Party, Minister for Revenue and Financial Services) Share this | Link to this | Hansard source

I very much thank the member for Chisholm for her question. She is, in fact, one of the hardest working members of this place and represents her community, particularly all of those small businesses in Chisholm, so very well. She understands the importance of getting the economic and tax settings right to help drive small businesses in our community and to help generate even more jobs throughout our community.

The government is committed to reducing the tax burden on hardworking Australians, because we know that lower taxes help to grow the economy, generate jobs and increase wages. We want to put more money back in the pockets of hardworking Australians. That's why we have cut taxes for small and medium-sized companies, and we will go even further. By reducing the company tax rate to 25 per cent for all businesses, we estimate that that will put back $750 into the pockets of workers and grow the economy by an extra $17 billion every single year. We have cut personal income tax. We have stopped more than 500,000 middle-income Australians from entering the second highest tax bracket, and we have given a tax cut to an estimated 3.1 million Australians in 2016-17. We know that lower taxes help to grow the economy, generate jobs and increase wages, and the Turnbull government has today recommitted to lowering tax. We will not allow our tax revenue to rise any higher than 23.9 per cent of our economy over the next 10 years.

By contrast, though, the Leader of the Opposition wants to slug Australians even more when it comes to taxes—$150 billion more of taxes. For any Australian who is listening to this, Labor wants to increase the tax slug on your pay packet, on your home, on your electricity, on your small business and on your investments. It seems the Leader of the Opposition is channelling the former Treasurer, Wayne Swan, the member for Lilley, with his Australia-wide tax grab based on the politics of envy. Indeed, it was reported that in last Monday's Labor caucus meeting the Leader of the Opposition singled out the member for Lilley for his great work and early thinking in this space after his recent trip to the United States, meeting with none other than Bernie Sanders. This is the same Bernie Sanders who is known for wanting to nationalise the banks, for shutting down private health insurance and pharmaceutical companies, and who hasn't seen a tax hike that he doesn't like—and someone who gushes about Fidel Castro. Those on that side of the House want to hike the taxes on ordinary Australians. We will protect them. (Time expired)