Jim Chalmers (Rankin, Australian Labor Party, Shadow Treasurer) Share this | Link to this | Hansard source

My question is to the Treasurer. Why does the Treasurer pretend that global factors are the primary reason for our floundering economy, when the Reserve Bank, Deloitte Access Economics and others say Australia's weak economic growth is homegrown?

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

There's no doubt we face some domestic challenges to our economy, not least of which is the No. 1 call on the budget, which is the drought—the terrible drought which I saw firsthand when I was with the member for Maranoa in Inverell, Warwick and Stanthorpe and which itself has taken at least a quarter of a percentage point straight off GDP, as well as requiring a significant call on the budget to provide income support, infrastructure support and the like.

But the member for Rankin will look for every single opportunity to talk down the Australian economy and every single opportunity to put at risk Australian jobs. The member for Rankin, just a matter of five months ago, was the co-author, the co-architect, with the member for McMahon, of $387 billion of higher taxes. When the Leader of the Opposition went on Sky TV today and was asked whether his tax impost on the Australian people would have an impact on the economy, he said no. But the reality is: from 1 July this year, Labor's retirees tax, Labor's superannuation tax and Labor's tax on family businesses would all have taken effect.

Could you imagine Labor dealing with these global economic challenges which the IMF today said are a synchronised slowdown in the global economy and the impact of drought and which are hurting not only communities but of course the budget? Could you imagine slugging retirees, homeowners, renters and people with money in superannuation with Labor's higher taxes? Don't look at what Labor say; look at what Labor do—and they can't manage the public's money.