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

The Liberal and National parties have pledged to scrap the system of standard deductions, to which I was referring. They will not introduce it. They will not cut company tax from 30c to 28c. They will not improve the write-off of up to $5,000 for small business. They have committed to scrapping these tax cuts, which are a very significant and massive benefit not just to those companies but also to many small businesses and millions of individual Australians through the standard write-off. Those opposite have one tax policy: to increase company tax. That is the one and only tax policy that the Liberal and National parties have announced. They are going to increase company tax by 1.7 per cent, from 30c to almost 32c in the dollar. That will not assist the Australian economy and jobs. (Time expired)