Garth Hamilton (Groom, Liberal National Party) Share this | Link to this | Hansard source

My question is to the Treasurer. Will the Treasurer remind the House of how the Morrison-McCormack government's steadfast commitment to reducing taxes is creating more jobs for Australians and strengthening our ongoing economic recovery? 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 Groom for his question and I acknowledge his extensive experience as an engineer, before coming to this place, working on significant infrastructure projects—transport, water and telecommunications infrastructure. He stands for lower taxes. More than 60,000 members in the member for Groom's electorate are getting a tax cut because of policies supported by those on this side of the House, and more than 15,000 businesses in the member for Groom's electorate are going to be able to access the immediate expensing.

Mr Bowen interjecting—

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

The member for McMahon will leave under standing order 94(a).

The member for McMahon then left the chamber.

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

Today, Treasury have confirmed what we on this side of the House already know: lower taxes create more jobs. Indeed, the more than $50 billion of tax relief, which we announced in last year's budget and this year's budget, will help create around 120,000 jobs. It will drive the unemployment rate up to one percentage point lower, as we seek to drive the unemployment rate below five per cent. It will extend the low- and middle-income tax offset for last year and this year and extend the immediate expensing and loss carry-back measures. These policies are working. Why? Because unemployment is lower, growth is higher and investment over the last two quarters, for machinery and equipment, is at its highest level in 18 years. We saw Standard & Poor's last week reaffirm Australia's AAA credit rating. We are one of only nine countries in the world to have a AAA credit rating from the three leading credit-rating agencies.

I'm asked if there are any alternative approaches. We know that those opposite stand for higher taxes. There were $387 billion of higher taxes at the last election. Do you remember the member for McMahon? 'If you don't like our policies, don't vote for them.' Well, guess what? The Australian people didn't vote for them. Now we have the stage 3 tax cut battle over the other side. The member for Corio says, 'We're not going to get in the way of anyone and their tax cut,' and then the member for Rankin, who we know likes to tax a lot, said that he's talking down our stage 3 tax cuts. This is a stage 3 cage fight between the member for Corio and the member for Rankin. We on this side of the House stand for lower taxes. Those on the other side of the House stand for higher taxes on your superannuation, higher taxes on your housing, higher taxes on your income, higher taxes on your small business, higher taxes on your investment. If you want lower taxes, support the coalition, because that's what we've promised, and that's what we have delivered.