Damian Drum (Murray, National Party) Share this | Link to this | Hansard source

My question is to the Treasurer. I note that our government is handing down a surplus budget, and that is a product of a strong economy. This means that we can fund essential services that Australians rely on without increasing taxes. Is the Treasurer aware of any other approaches to running the economy?

Josh Frydenberg (Kooyong, Liberal Party, Treasurer) Share this | Link to this | Hansard source

I thank the member for Murray for his question. He knows, and we on this side of the House know, that next year when we deliver the budget it will be a budget surplus. It will be a surplus for every single Australian across the economy. We will do that without increasing taxes.

As the Prime Minister has said, the benefit of a strong economy is that you can provide the essential services that people need. And we have created jobs: since coming to government, more than 1.1 million new jobs. More than 100,000 young people have got a job over the last year—the highest number on record. We are backing small business, as the backbone of the Australian economy. We've provided tax cuts for 3.3 million small businesses. We're giving them greater access to finance. We're cutting $300 million worth of red tape. We have a $75 billion infrastructure project—more road, rail, airports, dams and other water infrastructure. And there's our health spending. Health spending is at record levels and, since the government came to power, we have listed 1,900 additional medicines on the PBS. When it comes to schools, there's more than $24 billion of additional funding going to Australia's schools, putting education funding at a record level. And, when it comes to defence, we have a $200 billion defence plan that has commissioned 54 naval vessels to be built here in Australia.

Mr Rob Mitchell interjecting—

How many naval vessels did—

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

The Treasurer will just pause for a second. The member for McEwen—

Mr Pasin interjecting—

I think the member for Barker's completely missing the moment. He will leave under 94(a).

The member for Barker then left the chamber.

I don't think the member for McEwen had anything additional to raise?

Mr Rob Mitchell interjecting—

All right, then.

Josh Frydenberg (Kooyong, Liberal Party, Treasurer) Share this | Link to this | Hansard source

We have a $200 billion defence industry program that has commissioned 54 naval vessels to be built here in Australia. How many naval vessels to be built here in Australia did the Labor Party commission during their term in government? None.

The alternative to this plan from the government that's creating jobs and lowering taxes is the Labor Party's plan to put $200 billion of additional taxes on the Australian economy. They will suffocate the Australian economy with $200 billion of additional taxes. What about negative gearing? Anyone who owns a home will see their home worth less as a result of Labor's policy. Under Labor's policy, anybody who rents their home will see their rents go up. What about retirees? There will be 900,000 retirees worse off after Labor's desperate tax grab. What about the carbon tax? It's coming back—as the member for Isaacs let out of the bag the other day. Only the coalition can be trusted to grow the economy, create jobs and lower taxes.