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

My question is to the Prime Minister. Last week the member for New England said that the Prime Minister should take his $80 billion big business tax cut to the next election. Does the Prime Minister agree with the free advice offered by the member for New England? Can the Prime Minister confirm the government's commitment today is to implement its full company tax cut despite any obstacles?

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

I thank the honourable member for his question. I can repeat the commitment that we've made to ensure that we secure a competitive company tax rate for Australian businesses, indeed, on precisely the same basis as recommended by the member for McMahon in his own book—copies available wherever remaindering occurs. There are great piles of them, piling up. There are snowdrifts of that great work. He was channelling his great idol Paul Keating. He swaggers around the House channelling PJK. He's smiling when I say that. He loves it. He's lapping it up. But you know what?

When Keating said he was in favour of lower taxes for companies, he was different; he delivered. He was consistent. He delivered on lower taxes for precisely the reason that he knows and we all know: Australian business needs to have competitive tax rates. We need that for precisely the reason the member for McMahon has written in his book, that the Leader of the Opposition has said and former Labor leaders have said: because it encourages more investment, higher productivity, more jobs and higher wages.