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

My question is to the Treasurer. This Thursday is the anniversary of the Prime Minister promising new economic leadership. With the government now in its fifth year in office, can the Treasurer confirm that under this government household debt is up, underemployment is up and wages growth is down?

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

I thank the member for his question. Welcome back! It's been over 100 days. I thought the Speaker might have to call the roll to see if you'd been in the chamber today. I haven't seen you for a long time. But I am happy to report on the better days ahead that the Turnbull government are producing as a result of our strong economic plan that is cutting taxes for small businesses, cutting taxes that those opposite want to put up again. We are cutting taxes that those opposite will put up again, because we know that from the Leader of the Opposition, who said, just as recently as in the last 24 hours, that he is going to spend the $65 billion that is available to cut taxes for Australian businesses on other things. To do that, he has to reverse the small business tax cuts for firms earning up to $50 million in turnover each year.

The Leader of the Opposition is going put a big tax whack on small businesses all around this country. He's also going to put up taxes on housing. He's going to put up taxes on investment and increase it by over 50 per cent and not just on residential housing but on shops, on offices and on warehouses—increasing the tax on warehouses as well. He's going to put a tax on family businesses. He's going to put a tax on people's savings as they try and save more for their superannuation. The shadow Treasurer and the Leader of the Opposition's plan is to increase taxes above what they are today on people's savings. He's also going to increase the tax on wages.

So there are six big taxes that the shadow Treasurer wants to put on an Australian economy that is emerging again, $150 billion and more in higher taxes. He wants to take a big, wet, soggy, tax blanket and throw it right over the Australian economy. That is the plan of the Leader of the Opposition and the shadow Treasurer. They have no plans to drive growth in this economy and no plans to drive jobs.

More than 240,000 people have got jobs in the last fiscal year. In the last six months—as he well knows—we have had the greatest job growth in full-time employment in six months in the last 40 years. Now the plans of those opposite are to completely pull the rug out, not just by quenching it with higher taxes but by driving up electricity prices with their 45 per cent emissions reduction target, which will put an additional electricity tax on the Australian people. Their renewable energy target of 50 per cent will put growth out on its mat. That is the plan of the shadow Treasurer, who hasn't had the gumption to stand in this place and ask a question of me on the economy in more than 100 days.