Chris Ketter (Queensland, Australian Labor Party) Share this | Link to this | Hansard source

My question is to the Minister for Finance, Senator Cormann. I refer to the Treasurer's previous statement on 'excesses that might occur in negative gearing'. Does the minister agree with the Treasurer that there are excesses in negative gearing?

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

I make a habit of not trusting the quotes that are asserted by members opposite in relation to the Australian Treasurer.

Penny Wong (SA, Australian Labor Party, Leader of the Opposition in the Senate) Share this | Link to this | Hansard source

It was put to you on radio this morning.

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

What was put to me on radio this morning was an alleged anonymous report in a newspaper.

Opposition senators interjecting—

Stephen Parry (President) Share this | Link to this | Hansard source

On my left!

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

What I said to the journalist this morning was what I would say to Senator Ketter and to the Senate: do not believe everything you read in the newspaper. What I said on radio this morning and what I will say to the Senate is that the government continues to work on our plans for stronger growth and more jobs. The government continues to work to assess how we can further improve our tax system, how we can make it more growth friendly, how we can make it more efficient and less distorting in the economy and how we can facilitate stronger jobs and more jobs. The work we are doing in relation to the tax system—

Stephen Parry (President) Share this | Link to this | Hansard source

Pause the clock.

Penny Wong (SA, Australian Labor Party, Leader of the Opposition in the Senate) Share this | Link to this | Hansard source

Mr President, on a point of order: I seek leave to table the Hansard from the House of Wednesday, 10 February 2016, in which Mr Morrison refers to 'the excesses that might occur in negative gearing'. That might assist the minister.

Leave not granted.

Opposition senators interjecting—

Stephen Parry (President) Share this | Link to this | Hansard source

On my left! Order!

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

How juvenile they are! If they want to reference a particular quote from Hansard, why didn't they say so in the question? If they were referencing what was put to me on radio this morning, it was an alleged anonymous report in a newspaper.

It is well known that the government has for some time been considering, through an orderly, methodical process, how the tax system could be further improved. That is part of our overall plan to strengthen growth and create more jobs, which includes a whole range of other very important initiatives pursued by the government. That process is ongoing. When the government is in a position to make relevant announcements, we will make them.

Opposition senators interjecting—

Stephen Parry (President) Share this | Link to this | Hansard source

On my left!

Senator Lines interjecting—

Senator Lines!

Government senators interjecting—

On my right!

Chris Ketter (Queensland, Australian Labor Party) Share this | Link to this | Hansard source

Mr President, I ask a supplementary question. Now that we know of the existence of Hansard on this, I will persist on this matter. What excesses in negative gearing was the Treasurer talking about?

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

As I indicated in response to the primary question, the government is currently working in an orderly, methodical fashion through the options that might further improve the tax system.

Stephen Parry (President) Share this | Link to this | Hansard source

Pause the clock.

Opposition senators interjecting—

On my left!

Claire Moore (Queensland, Australian Labor Party, Shadow Minister for Women) Share this | Link to this | Hansard source

Mr President, I raise a point of order on direct relevance. It was a very short question from Senator Ketter asking specifically about the excesses in negative gearing referred to by the Treasurer in the Hansard that Senator Wong so helpfully provided for the minister.

Stephen Parry (President) Share this | Link to this | Hansard source

Thank you, Senator Moore. I remind the minister of the question.

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

The government continues to assess a whole range of information in relation to how our tax system can be improved. When we are in a position to make relevant announcements, we will make them.

Chris Ketter (Queensland, Australian Labor Party) Share this | Link to this | Hansard source

Mr President, I ask a further supplementary question. Is the Turnbull government going to address the excesses in negative gearing identified by the Treasurer? If not, why not?

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

What the Turnbull government is doing in relation to tax is exploring how the tax system can be further improved, how it can be made more growth friendly and how it can be restructured such that it will help facilitate stronger growth and more jobs. That is what we are doing right across the areas of public policy. That is why we are pursuing an ambitious innovation agenda. That is why we are pursuing an ambitious free trade agenda. That is why we are pursuing an ambitious infrastructure investment program. That is why we are pursuing an ambitious deregulation agenda. That is why in last year's budget we reduced taxes for small business. That is why right now we are working to assess how the tax system could be further improved to facilitate stronger growth.