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

Guess what? We are. Because we inherited—

Opposition senators interjecting—

I know the truth hurts, but no amount of guffawing and bellowing will get you away from the simple fact that, if you look at tax as a proportion of the economy, we tax less than those opposite did. Just as importantly, and I invite those opposite to make the same commitment, we have committed to retain the tax-to-GDP ratio below that which we inherited—that is, below 23.7 per cent. We have committed to being a lower-taxing government than the one that we replaced.

I would also remind those opposite that there are a number of tax cuts that this government has put in place which those opposite oppose or have committed to rolling back—and, of course, if you roll back a tax cut, that is a tax hike.

Opposition senators interjecting—

So those opposite have committed to a tax hike for every Australian earning under $80,000 a year. Every Australian earning under $80,000 a year has got a tax cut under this government, and you have committed to rolling it back. Your opposed a company tax cut. You opposed the senior and pensioner tax offset. You opposed the instant asset write-off, a tax break for 2.7 million small businesses.

Senator Conroy interjecting—

And, as my colleague has said, you also opposed the low-income super contribution, a tax break for low-income workers. Yes, you have gone very quiet now, because it is completely unjustifiable.