Marise Payne (NSW, Liberal Party, Minister for Defence) Share this | Hansard source

I thank Senator Colbeck for his question. Indeed I can, because we in the coalition understand that investment in this country supports economic growth and supports the creation of more and better-paying jobs for Australians. The Minister for Trade, Tourism and Investment, my colleague Minister Ciobo, has been in Hong Kong this week at the 2018 Credit Suisse Asian Investment Conference. He's been speaking with global investors and regional business leaders about investment opportunities in Australia.

The Turnbull government appreciates that, when investors are making decisions about where to invest, there are a number of factors to consider, and corporate tax rates are a significant one. We know the global economy is very competitive. It's clear that the US, for example, are a more attractive investment proposition today than they were before their own business tax cuts. For example, Mr Anthony Pratt, a great Australian with businesses here and in the United States, has said:

(The Trump tax cuts) lead to a tremendous amount of investment, an avalanche of investment, it certainly has for us, encouraged us to increase the rate of investment and it is also going to lead to tremendous job growth—and wherever there is tremendous job growth that means demand for people exceeds supply and wages go up …

There are real, tangible benefits that flow from company tax cuts.

Investment in Australia not only drives economic growth but drives job creation. We know that reducing company tax rates will make Australia a more investable proposition. It's disappointing that those opposite refuse to back Australian workers and back Australian jobs by supporting the government's proposed company tax cuts. Given their previous positions, it is a very perplexing situation.