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

Let me say it again very slowly for Senator Cameron. The consequence of the Australian parliament not legislating a lower business tax rate would be less investment for Australian business, it would be lower growth in Australia, it would be fewer Australian jobs and it would be lower Australian wages. It would be on the Australian Labor Party's head. We're having a lot of conversations about citizenship here today. Senator Cameron's home country of the United Kingdom actually reduced their business tax rate down to 19 per cent and it is on its way down to 17 per cent. Guess what happened to tax revenue? Tax revenue from business taxes has skyrocketed in the United Kingdom since they reduced their business tax rate. Additional investment, stronger growth and additional jobs are created on the back of a more competitive business tax rate—that's what is driving significant increases in corporate tax receipts in the United Kingdom. Go and have a look, Senator Cameron.