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

My question is to the Treasurer. What is the total cost of corporate tax cuts over 10 years from 1 July this year, both legislated and proposed to be legislated by this government?

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

I further amend my previous answers to this question for the simple reason that we have no policy to increase the rate of corporate tax in Australia. We have no such policy. The government hasn't gone and costed a policy to increase taxes on small businesses, medium businesses or large businesses. We're not doing that. That is the Labor Party's policy. The Labor Party's policy, as recent and as minted as the Leader of the Opposition's presentation at the despatch box after the budget, is to increase taxes on all businesses with a turnover of over $2 million in this country.

If the Labor Party were ever to occupy these benches, and if the shadow Treasurer became the Treasurer, what would be the single biggest revenue earner over the budget and forward estimates? Would it be putting up taxes on big banks and businesses? No, it wouldn't be. It wouldn't be that at all. Would it be, indeed, lifting the marginal tax rate on the highest income earners in Australia? It wouldn't be that either. It wouldn't come close. Would it be on family businesses, on family trusts? No, it wouldn't be that. Would it be negative gearing and capital gains tax increases? All of this does add up to a lot of tax, I admit. There are a lot of taxes coming from that side.

The single biggest revenue measure—the single biggest tax slug—that the Leader of the Opposition and the Labor Party are going to put on Australians in their first budget, if they are elected, over the budget and forward estimates is on retirees. Over $10 billion—and that's just two years! They're just cranking it up. Retirees will be forced, under the Labor Party's policy, to get their shovels out and put their hard-earned money into the Leader of the Opposition's pockets so he can run around and make big political promises.

But Australians understand this Leader of the Opposition. They know how shifty he is. They know he's shifty when it comes to using other people's money to try and put forward and promote his own political agenda. He is unbelievable. He is completely 'Unbelieva-Bill'.

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

The Manager of Opposition Business will resume his seat. The Treasurer will withdraw. I know he's used that phrase outside the parliament.

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

I misspoke, Mr Speaker. I withdraw.

Ms Butler interjecting—

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

I really don't expect the member for Griffith, who interjects frequently, to be giving me advice on discipline in the House.

John Alexander (Bennelong, 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 how the government's tax policies encourage and reward hardworking Australians, including those in my electorate of Bennelong? Is the minister aware of any alternative approaches?

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

I thank the member for Bennelong for his question and I note that, like everyone on this side of the chamber, he is absolutely focused on ensuring the prosperity of all Australians through our enterprise tax plan, making sure that we back businesses to invest in those businesses and also making sure that government lives within its means so that we have prudent fiscal management. It is because of our economic plan that we have seen more than a million jobs delivered—a promise that we have made on this side of the chamber that has been delivered by a coalition government. It is a significant achievement. Of all of those businesses who work incredibly hard and who employ hardworking Australians.

But we on this side of the chamber believe in rewarding hard work and aspiration. We believe in doing that through making sure that they don't pay one more dollar of tax than they absolutely need to. That is why, under our first stage of our personal income tax plan, around 10 million working Australians will see lower, fairer and simpler taxes. By the end of our tax plan, we will see around 94 per cent of Australians face a marginal tax rate of no more than 32½c in the dollar. The only thing standing between those millions of Australians and their tax relief is those sitting opposite. It will take one vote here in the House of Representatives and one vote in the Senate.

Of course, the member asks, 'Are there any alternative approaches?' There is one, and that is from those sitting opposite. It is higher taxes: higher taxes on retirees, on homeowners, on small- and medium-sized enterprises, on family businesses and on all Australians through their retirement savings. In total, those opposite will put their hand in the pockets of millions of Australians and pick more than $200 billion worth from those people who have worked hard for that money.

And they don't just have that terrible indignity that they want to impose on Australians. They also want Australians to believe that they have going to somehow deliver a surplus. I ask those in the chamber, 'What do these five things have in common: the internet, the European Union, the Hubble Space Telescope, The Simpsons TV show and the Harry Potter series?' Not one of those things existed when those opposite last delivered a surplus 29 years ago. The Leader of the Opposition treats the Australian people as mugs, but they are not mugs. They know all about his rolled-gold promises and they know he cannot be trusted.