Nick Sherry (Tasmania, Australian Labor Party, Minister Assisting the Minister for Tourism) Share this | Hansard source

As I was saying, this $1 billion tax package for small business, I am pleased to say, is being supported by the Liberal Party. At long last they are supporting tax cuts for small business, but they have no way of paying for it if they are ever elected to government, because these measures are paid for by the mining tax. As has been admitted by the shadow Treasurer, Mr Hockey, the consequence of these measures together with a whole range of other promises they have made—they promise anything to everyone; that is the Liberal Party's approach—and of their position of repealing the mining tax but supporting our $1 billion in tax cuts to small business is that they have a $70 billion black hole. They have to find $70 billion in savings. Mr Hockey has admitted that $70 billion needs to be found to pay for this measure and others. (Time expired)