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

I thank Senator Ketter for that question. I seem to remember that Senator Ketter is the chair of the Senate Economics References Committee—I see him nodding, so he is still the chair. In that capacity, I'm sure he would be aware that we actually passed through this parliament personal income tax cuts, lifting one of the marginal tax rates at the average income level from $80,000 to $87,000 a year. So of course the Prime Minister's correct.

Let me say that the contrast at the next election couldn't be more stark. Going into the next election, the Labor Party wants to increase the tax burden on the economy by more than $165 billion, putting investment and jobs at risk and making it harder for businesses to be successful. Thus, business under the Labor socialist agenda would be less successful because of a higher tax burden. What would that mean? Less successful businesses will be able to hire fewer people and pay them lower wages.

Senator Cameron keeps talking about wanting higher wages. We're all in favour of higher wages. But you know what? Higher wages don't grow on trees. Higher wages are paid for by successful and profitable businesses, which is why this government continues to work to help businesses be more successful and profitable so they can hire more Australians and pay them better wages. And yes, we will deliver personal income tax relief because we have been able to get the budget back under control. We inherited a rapidly deteriorating budget position. We've been able to turn that around and we will be able to deliver the dividend for the Australian people, for hardworking families. We will be able to deliver personal income tax cuts. Labor will want to continue to increase taxes by more than $165 billion.