Sarah Henderson (Corangamite, 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 action the government is taking to put in place policies which support Australian businesses so they can grow and create more and better-paid jobs for hardworking Australians? Is the minister aware of any alternative approach?

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

I thank the member for her question. She, like all of the members on this side, understands the importance of creating the right policy settings to encourage businesses to make sure that they invest to boost jobs, and we do that by encouraging enterprise.

It is for this reason we are fighting so hard for our enterprise tax plan, because we know that our enterprise tax plan will mean that business has the opportunity to grow, to invest and to create more jobs. We've already got a good track record. We have delivered tax cuts for small and medium sized companies with a turnover of up to $50 million, and we are committed to a tax rate for all companies of 25 per cent. This approach creates an environment that is conducive to job growth and, as the Treasurer has rightly pointed out, the ABS released great data today which says that we have had the longest run of monthly jobs growth ever recorded and that female participation in the workforce is at its highest level on record. But those opposite, sadly, do not agree with this approach. As the member for Rankin has made very clear, Labor would rather jack up taxes on businesses that have a turnover of between $2 million and $50 million. These are businesses who have already received a tax cut, have already invested in their business and have already created jobs.

The Leader of the Opposition continues to be guilty of gross hypocrisy on this issue. When in government he was for company tax cuts, but when in opposition he is apparently against them. Speaking of hypocrites, I noted with interest the comments of the shadow Treasurer in his op-ed in the Fairfax papers this week. He declared:

… a government that has the courage to seek a mandate also has the moral authority to proceed with its plans.

I think that is one of the most sensible things that I've heard from the member for McMahon, particularly after having read his book. But, sadly, of course, the member for McMahon has not been consistent on this point. Let me remind him that the Turnbull government took its enterprise tax plan to the 2016 election. I've got the policy document here, and I will read from it:

This 27.5 per cent rate will be gradually extended to all companies, before falling to 27 per cent on 1 July 2024, 26 per cent on 1 July 2025, and 25 per cent on 1 July 2026.

So, in his own words, we have the moral authority to proceed with our plan. They should get out of the way of Australian workers and Australian businesses. They should support enterprise, they should support prosperity and they should support the government. (Time expired)