Peter Whish-Wilson (Tasmania, Australian Greens) Share this | Hansard source

We often have this debate between mandatory and voluntary codes, or regulations, let's say. In this budget the previous Treasurer, Joe Hockey, introduced an idea to have a voluntary corporate disclosure code where the Treasurer was very clear about the need for disclosure by corporations in paying their fair share of tax, and he even said that it will discourage companies from engaging in aggressive tax avoidance. This is the idea of disclosure, and I presume that is behind the bill that you originally brought in that we are about to move an amendment to.

I think that, clearly, we are on the same page with the government, the LNP, and I suppose I should include the Nationals in that. The Greens, Labor and the crossbenchers all think that disclosure is a good thing, which is the whole basis of your bill. The Treasurer made it very clear that disclosure was important and said:

It will also discourage companies from engaging in aggressive tax avoidance.

He then said:

The Government would like more companies, particularly large multinationals … to publicly disclose their tax affairs.

That is what we are asking for. You are saying that it is for $1 billion or more. I am asking: why, firstly, did you move from the idea of a voluntary code to a mandatory code—hence the legislation—and, secondly, why you did not go with the $100 million as the threshold, because that was the previous legislation? Why $1 billion?