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

The coalition doesn't take any lectures from the Labor Party when it comes to tax. Taxes under the Labor Party will always be higher than under the coalition, because we know from the Labor Party that they've already thrown overboard the tax as a share of GDP cap. The Labor Party has already said that they will increase the overall tax burden in the economy beyond 23.9 per cent as a share of GDP. We are committed to keeping it below, and of course the coalition will deliver personal income tax cuts for low- and middle-income earners.

Let me say that Australian workers—in particular, low- and middle-income earners—will be better off as a result of our business tax cuts. Nine out of 10 working Australians are employed by a private sector business, and their future job security, their future career prospects and their future wage increases depend on the future profitability of those businesses.