Tim Wilson (Goldstein, 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 economic conditions that help grow the economy and reduce the tax burden on hardworking Australians? And is the minister aware of any alternative approaches that pose a threat to the prosperity of hardworking Australians exemplified by the good people of Goldstein?

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

I thank the member for his question. The member, like the government, knows that the best way to improve the prosperity of all Australians is to foster economic conditions that allow businesses to grow, to invest, and to create new jobs. That's why the government has already cut taxes for small and medium-size businesses, employing over half of Australia's private sector workforce. That includes more than 22,000 businesses in the member's own electorate of Goldstein. That's why the government is committed to reducing the company tax rate to 25 per cent across the board. That's why the government is committed to reducing personal income tax for middle-income Australians, having already legislated relief for more than three million Australians. And that is why the government has presided over the creation of more than a million jobs since we came to power.

By contrast, the Leader of the Opposition, Bill Shorten, and the Labor Party are intent on taxing the life out of the Australian economy by taxing it to the tune of more than $164 billion. Of course, we all know that the Leader of the Opposition holds a special place in his heart for the radical left Leader of the Opposition in the UK—none other than Jeremy Corbyn. We heard it in his 'come to Jeremy' moment at the National Press Club recently, where he appropriated, almost word for word, the divisive, left-behind rhetoric used by his UK counterpart. Voters in the UK ultimately saw through this tactic and, of course, Jeremy Corbyn was not successful—something that I'm sure will not be lost on those opposite. Nevertheless, it leads one to wonder: what other radical Corbyn proposals will the Leader of the Opposition seek to pilfer next? We're familiar with his resistance to reducing the company tax rate. Perhaps he'll go full-Corbyn and look to increase the company tax rate by more than a third, as has been threatened in the UK. Perhaps he's partial to the proposal put forward by Corbyn acolyte and UK Labour MP Chris Williamson, who'd like to see a doubling of taxes on properties of over $500,000. Maybe he's also taken with Mr Corbyn's other bright idea: introducing the highest rate of income tax at half of its current threshold—moving the threshold from 150,000 pounds to 80,000 pounds.

The Leader of the Opposition and the Labor Party are a threat to people's jobs, they're a threat to people's businesses and they are a threat to people's economic opportunities. That is why the Leader of the Opposition and the Labor Party cannot be trusted. (Time expired)