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

(—) (): I thank Senator Polley for that question because it gives me the opportunity to confirm that I stand by that statement. The coalition is the party of lower taxes. Our instinct always is to keep taxes as low as possible. Here is the reality: we inherited a spending growth trajectory that was unaffordable, unfunded and unsustainable. Since the 2014-15 budget, we have worked as hard as we can to reduce spending. Senator Wong and the Senate would well remember—she is not taking this very seriously right now—that the Senate was not prepared to support about $14.7 billion worth of spending reductions. Given that we are committed to bringing the budget back into surplus, because that is what is required out of fairness to future generations and what is required for our economy, revenue measures were the only other alternative to make up the difference. As Senator Macdonald said, it is essentially a tax that is caused by the Senate. (Time expired)