Nick Sherry (Tasmania, Australian Labor Party, Assistant Treasurer) Share this | Hansard source

I have mentioned a couple of the tax cuts the Labor government intends to deliver as a result of the resource super profits tax. The only policy I am aware of from the Liberal and National parties is to increase company tax. They intend to increase company tax by 1.7 per cent. They want a higher company tax rate, 30c in the dollar going up to almost 32c in the dollar, in contrast to the Labor government’s proposal to reduce company tax to 28 per cent. A higher company tax rate as proposed by those opposite of some 32 per cent would lift Australia’s effective company tax rate to almost the highest, if not the highest, company tax rate in the advanced world. The only policy those opposite have on tax is to increase company tax to 32 per cent. That would make Australian industry uncompetitive and cost jobs. (Time expired)