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

Thank you very much, Mr President. When Labor lost government, the economy was weakening and unemployment was rising, and rising unemployment means less bargaining power for workers and lower wages growth. We have worked hard to turn that situation around. Economic growth is strengthening and more jobs are being created. As more jobs are created, the bargaining power of workers increases and they are able to secure higher wages. Now let me read this to you:

Cutting the company income tax rate increases domestic productivity and domestic investment. More capital means higher productivity and economic growth and leads to more jobs and higher wages.

That was from Mr Bill Shorten, House of Representatives, on 23 August 2011 while in opposition. Listen to what shadow Treasurer Chris Bowen had to say seven months before we committed to lower the corporate tax rate to 25 per cent. He said:

Labor accepts that company tax falls hardest on workers rather than wealthy shareholders, and aims for a 25 per cent company tax rate to spur economic growth …

Asked if he accepted former Treasury secretary Martin Parkinson's statement that company tax falls hardest on workers, Mr Bowen told the AFR tax reform summit on Tuesday:

It is a statement of fact which I agree with.

He also said:

I would like to see the corporate tax rate come down over time. I have previously said the nation should be aiming for a 25 per cent corporate tax rate.

Mr Bowen added that it would not be easy to do. We found out it's not easy to do, because the Labor Party is intent on selling Australian jobs overseas. You are intent on selling out the best interests of working families around Australia.