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

I think it is very important for the Austrian people to understand that the Labor Party in the Senate today voted in favour of tax cuts for the big banks. To the eternal credit of Senator Hinch, who has been consistent with his publicly stated position all the way through, he voted in favour of this amendment put forward by the government. To the eternal credit of Senator Leyonhjelm, who I know had policy reservations for good reasons in relation to this particular amendment, because he saw the bigger picture he voted for better opportunities for working Australians to get ahead by helping businesses around Australia be internationally competitive and so supporting our economy, supporting jobs and supporting opportunities for families to get ahead. He voted for this amendment. Senator Burston and Senator Anning are senators who are men of their word, and they voted in favour of this particular amendment. Of course, all of the Liberal Party and National Party senators in this chamber voted in favour of carving out the big banks from these corporate tax cuts, because we thought it was so important to secure a lower globally more competitive business tax rate for all of the other businesses around Australia that employ millions of Australians. Those who voted on this side of the chamber care about the opportunity for working families to get ahead, because we understand that their future job opportunities, future job security, future career prospects and future wage increases depend on the future viability, competitiveness and profitability of the businesses that employ them. That is why we voted in support of this amendment.

The Labor Party has lost all credibility. Mr Shorten actually knows that a lower globally more competitive business tax rate is in our national interest. Mr Shorten knows that a lower globally more competitive business tax rate will actually be in the best interests of workers—none other than Dr Ken Henry, as Treasury secretary to Treasurer Swan, said so, none other than Mr Shorten himself said so, and none other than Mr Bowen said so, until we decided to put this proposal into a budget. The only reason the Labor Party is opposed to business tax cuts now is that they believe that is going to be the pathway for Bill Shorten into the Lodge.

My message to the Australian people is: if Bill Shorten is elected Prime Minister on his antibusiness, anti-opportunity politics-of-envy socialist high-taxing agenda it will hurt the economy, it will cost jobs and it will hurt working families around Australia, who will end up with less opportunity to get ahead. We will continue to fight for the best interests of working families around Australia. The Labor Party can continue to play politics. They voted, just now, in favour of tax cuts for the big banks. It shows how completely bereft you are of any credibility and any integrity. It is absolutely unbelievable. After the campaign that Mr Shorten has been running in Longman and everywhere else around Australia, the latest Bill Shorten lie is that he's opposed to tax cuts for the big banks.

Let me say this again very clearly and very slowly: every Labor senator in this chamber just voted in favour of tax cuts for the big banks. So you are now in favour of tax cuts for the big banks, instead of more money for hospitals, more money for schools. That is the position of the Labor Party. You are absolutely all over the place. Nobody can trust a single word that Bill Shorten has to say on anything. He lied about 'Mediscare'. He lied about the citizenship status of his own MPs and, of course, he lies when he says—

The CHAIR: Minister, resume your seat. I do remind you it is unparliamentary, firstly, to refer to those in the other place by their first names and, secondly, to directly accuse someone of being a liar. I would ask you to withdraw those comments.

I withdraw. Mr Shorten clearly misled the Australian people in relation to 'Mediscare', he clearly misled the Australian people in relation to the rolled-gold guarantee that he gave to the Australian people that there was 'nothing to see here' in terms of the citizenship status of his MPs, and he misled the Australian people when he said he actually cared about jobs. If Mr Shorten cared about jobs, he would help ensure that businesses around Australia have the best possible opportunity to be viable, competitive and profitable into the future.

Today, the Labor Party has failed a test of character. With the Labor Party having campaigned, supposedly, against tax cuts for the big banks, every single Labor senator today voted in favour of tax cuts for the big banks. The people of Australia can form their own judgements.