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

The consequences are less investment, lower growth, fewer jobs, higher unemployment, lower wages and—I would encourage Senator Hanson to listen very carefully to this—poorer investment returns for self-funded retirees on their superannuation investments. Don't take my word for it; look at what the International Monetary Fund said in their October 2017 World Economic Outlook:

Where countries are considering significant reductions in corporate income tax rates—

which is the case in the United States, the United Kingdom, France and others—

there could be significant negative spillovers on activity and the fiscal position of non-reforming countries.

In addition, the recent World Bank forecast shows Australia was rated sixth in the OECD for investment as a share of the economy in 2016, but our ranking is declining, and we are forecast to be ranked 20th in 2022, our lowest ranking on record. This is not where we want to be. We want to continue to be an attractive destination for investment. (Time expired)