Jim Chalmers (Rankin, Australian Labor Party, Shadow Special Minister of State (House)) Share this | Link to this | Hansard source

My question is to the Prime Minister. Less than a week ago, the Prime Minister told Australians, 'There's no question that you will see a rise in wages with a reduction in company tax.' But more than 80 per cent of big businesses have now ruled out increasing wages or employing more staff because of the Prime Minister's $65 billion big business handout. When the Prime Minister said there would be a rise in wages, was he referring to a rise in wages for senior executives and CEOs?

Malcolm Turnbull (Wentworth, Liberal Party, Prime Minister) Share this | Link to this | Hansard source

I will invite the Treasurer to respond to that, but before he does, talking about things that were said a week ago, the honourable member was asked by Kieran Gilbert, 'Is Labor considering a top-up payment to help those retirees and investors adversely affected by your dividend credit changes?'

Government Members:

Government members interjecting—

Dr Chalmers interjecting—

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

The Prime Minister will resume his seat. The Manager of Opposition Business will resume his seat. Members on my right will cease interjecting. The member for Rankin will cease interjecting. Before I call anybody, I'll just say to the Prime Minister that that part of the answer was not relevant in any way to the question that was asked. The Treasurer now has the call.

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

I thank the Prime Minister for the opportunity to respond. The member for Rankin refers to what was said last week, if I rightly recall the question that he posed. Well, what I remember was said last week by the shadow Treasurer in relation to his completely discredited Labor retiree tax, was, 'We stand by the policy, it's a very important policy'. That's what he said last week—just last week!

Mr Tony Burke (Watson, Australian Labor Party, Manager of Opposition Business (House)) Share this | Link to this | Hansard source

Point of order.

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

The Treasurer can resume his seat. The Manager of Opposition Business can resume his seat. I'm doing that for a particular reason, so I haven't accepted a point of order yet. I'm making it very clear that answers need to be relevant to the question. Picking out one phrase said about a week ago and then trying to use that as a way to talk about any other policy area is several bridges too far. I'm saying now that I won't be upset about it; I just won't put up with it. The Treasurer can address the substance of the question, which is about company taxes and wages. The Treasurer has the call.

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

I'm happy to address the question about business taxes, because earlier today this is what the Leader of the Opposition said in relation to the government's enterprise tax plan. He said:

Labor, regardless of what legislation has passed this week, Labor will repeal this corporate tax giveaway of $65 billion to the biggest companies in Australia, the banks and the multinationals.

What the Leader of the Opposition has confirmed today is that he will reverse the tax cuts for small- and medium-sized businesses already legislated—some $30 billion of tax cuts already legislated for small businesses. If I'm quoting the Leader of the Opposition incorrectly—well, he said quite specifically that he was reversing the $65 billion in tax cuts. That is the same thing that the economic champion, the Deputy Leader of the Opposition, also has referred to. They're out there promising to spend money all over the place.

But the other thing I wanted to make reference to is this: the Leader of the Opposition refers to a tax cut as a giveaway. This is the thing the Labor Party do not understand. They think a tax cut is a welfare payment. They think all the money in the economy belongs to the Labor Party when they're in government and they get to decide how much you get to keep. What we've seen from this Labor Party is a total disrespect of the hard work and earnings of Australians, and they dare to ask a question about wages. The only thing they're interested in about wages is how they can tax them more.