Arthur Sinodinos (NSW, Liberal Party, Assistant Treasurer) Share this | Hansard source

We do need to increase the rate of economic growth, because growth is sub-trend at the moment and we are making the transition from growth largely based on the mining part of the economy to growth based on the non-mining sector. What will help there is if we start with the abolition of the mining and carbon taxes. Last year the carbon tax imposed a $7.6 billion burden on business but reduced carbon emissions in its own right by only 0.1 per cent. On Friday the head of Virgin Airlines made it crystal clear that the carbon tax was a direct hit on the bottom line of airlines, because the costs could not be passed on in full in the current competitive environment. We are creating a climate that will boost investment, particularly in infrastructure. We are going to change the focus of government expenditure so that there is more focus on job-creating infrastructure that also improves our international competitiveness and our productivity. This will allow private businesses to spend more time innovating, creating wealth and becoming profitable.