Ben Morton (Tangney, Liberal Party) Share this | Link to this | Hansard source

My question is to the Treasurer. Will the Treasurer update the House on how the government's actions to build a stronger economy will bring the budget back into surplus next year without increasing taxes? How would a different approach to economic management hurt families, including in my electorate of Tangney?

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

I thank the member for Tangney for his question. He and we on this side of the House know that next year we'll be delivering the first budget surplus in over a decade, and we'll be doing that without increasing taxes. That is good news for the 15,000-plus small businesses in the member for Tangney's electorate and the many, many families in his electorate. The benefit of a strong, growing economy is that you can provide the record health and education spending that this side of the House is providing to the Australian people; that you can provide the record $75 billion in infrastructure funding; that you can spend more on defence and, indeed, commissioning those naval vessels that the Labor Party never commissioned during six years in government; and that you can fund the National Disability Insurance Scheme and provide the necessary welfare support for those who need it most. That is our approach: grow the economy and create more than a million new jobs.

On the other side of the House, they have one plan for the Australian people. That is to increase taxes by $200 billion—higher taxes on your business, higher taxes on your income, higher taxes on your electricity bill, higher taxes on retirees and their savings, and higher taxes on your property. Let me tell you the impact of Labor's big, pernicious new property tax. According to Master Builders Australia, you will lose 32,000 jobs across the economy, 42,000 fewer dwellings will be built, and it will be an $11.8 billion hit to the Australian economy. Indeed, our AAA credit rating will be put in jeopardy by Labor's new big-taxing policy. Anybody who owns their own home under Labor's policy will see their home worth less, and anybody who rents their home under Labor's policy will end up paying more. The Housing Industry Association said an increase in the capital gains tax will lead to an increase to the cost of renting. Adept Economics said removing negative gearing as we know it would see rents increase. Just yesterday, CoreLogic said Labor's negative gearing policy would diminish investment demand across the resale market and that capital gains tax changes would likely provide a disincentive to investment. Every day there's a new piece of evidence that shows that Labor's policy is the wrong way to go. The Labor Party have one plan for 25 million Australians: higher taxes across the board. (Time expired)