Nick Xenophon (SA, Nick Xenophon Team) Share this | Hansard source

The Treasury Laws Amendment (Combating Multinational Tax Avoidance) Bill 2017 and the Diverted Profits Tax Bill 2017 are a step in the right direction. I have a very different view from our colleague Senator Leyonhjelm in relation to this because, if a company is not paying tax at a fair rate compared to Australian companies by virtue of the arrangements it can make to avoid or minimise tax through complex arrangements, trusts and intermediaries overseas, that is not fair. That is actually costing the Australian government revenue that could be spent on hospitals, schools and essential services. Yet it also impacts on Australian businesses that have to compete on an unlevel playing field.

My colleagues and I support the general thrust of this legislation and acknowledge the work that has been undertaken by the government to combat multinational tax avoidance. This first started some two to three years ago when the then Treasurer, the Hon. Joe Hockey, now the ambassador to Washington, so maybe I should call him His Excellency. You are nodding, Mr Acting Deputy President Back, so maybe I should call him His Excellency. The fact is that what Mr Hockey did was very useful, but he did play a very significant role in the G20 to push this issue forward, and he should be genuinely commended for doing so.