Penny Wong (SA, Australian Labor Party, Minister for Finance and Deregulation) Share this | Hansard source

I am very happy to talk about managed investment trusts. I am asked whether or not the proposal was bad for the economy. When Mr Costello opposed our dropping the managed investment trust tax rate, was that bad for the economy too? I notice the opposition's position now is 180 degrees opposite. Mr Costello said that it was a bad thing for us to change the managed investment trust position because that was a tax cut for foreigners. That is completely opposite to the position that Senator Cormann is now advocating. So who is right—Peter Costello or Senator Cormann?