Fiona Martin (Reid, Liberal Party) Share this | Link to this | Hansard source

My question is to the Treasurer. Will the minister explain the Morrison government's strong budgetary management and why a stable and certain approach is essential to ensuring our economy remains resilient against future challenges? Is the Treasurer aware of any alternative policies?

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

I thank the member for Reid for her question and acknowledge her background in small business and also acknowledge that in her electorate more than 80,000 taxpayers are getting a tax cut as a result of legislation that we on this side of the House have supported. More than 20,000 small businesses in the electorate of Reid are going to be able to access the instant asset write-off we extended in this year's budget.

When we came to government, unemployment had been rising under Labor, investment had been falling and Labor had racked up $240 billion in accumulated deficit. In contrast, since we've come to government, we have the first current account surplus in 40 years. We now have welfare dependency at its lowest level in 30 years. We have passed through the parliament tax cuts which are the biggest in more than 20 years. We have the first balanced budget in 11 years and we will deliver the first surplus in 12 years. That's unlike those opposite. If they had ever got the chance with their housing tax, housing prices would have fallen. Under this government, housing prices have been rising, helping to boost the confidence of the Australian people.

We know that today Deloitte have put out their report which says not only that the decade of deficit should end but that budget surpluses help protect prosperity. They also said that there is a growth momentum in the Australian economy which has been lifting and that, as a result of those tax cuts which we on this side of the House support and those opposite were against, the Australian economy is stronger. We also know that the words of Deloitte are consistent with what Standard & Poor's said just over a week ago—that the Australian economic outlook is sound and that strong fiscal outcomes are really important to Australia maintaining its AAA credit rating. These numbers show that the Australian economy continues to grow. Indeed, the IMF and the OECD have said that our growth in 2020 will be higher than for any G7 nation.

Just think if the Australian people and the Australian economy had to handle Labor's $387 billion of higher taxes on housing, on retirees, on income earners, on family businesses and on superannuation. We know the member for Rankin wants to hold on to the $387 billion because he and the member for McMahon, who is looking at his phone, were the co-architects of those higher taxes. We know that the member for Rankin is telling the Leader of the Opposition: 'Don't give up those taxes. I want those higher taxes.' If you want lower taxes then only the coalition will deliver more jobs and— (Time expired)