Mathias Cormann (WA, Liberal Party, Minister for Finance) Share this | Hansard source

Let me make the point right up front that under the coalition, after our budget, the tax burden in Australia is lower than it would have been under the Labor Party. We got rid of the carbon tax, we got rid of the mining tax, and later this year we will be initiating a company tax cut. Let's start with that.

Secondly, in relation to the unfunded promises that Labor attached to their failed mining tax, including in relation to small business, we said transparently before the last election that we would get rid of them. We transparently said before the last election that the various promises Labor attached to their failed mining tax were not affordable at the moment. There are a lot of meritorious causes that you can pursue when you have your budget under control. But you left a debt and deficit behind. One of the worst finance ministers in the history of Australia presided over a $107 billion blowout in the budget deficit in three short years. You left behind $191 billion in cumulative deficits in your first five budgets— (Time expired)