Pauline Hanson (Queensland, Pauline Hanson's One Nation Party) Share this | Link to this | Hansard source

I move:

That the Senate notes the speech given by Dr Alberto Calderon, Chief Executive Officer of Orica, at the Melbourne Mining Club on 8 February 2018, and, in particular, observes that:

(a) while government spending is supporting growth and could reach almost 19 per cent of GDP, long-term growth does not come from the public sector;

(b) the effect of a reduction in the corporate tax rate on jobs and higher wages is complicated by our franking credit system, which is particularly relevant to retirees whose income projections rely on the tax credits created by corporate tax at 30 per cent;

(c) a change to the tax system alone will not induce long-term sustainable economic growth in Australia; and

(d) Australia needs to encourage investment through incentives and to fix the regimes regulating energy, water, transport, telecommunications and other infrastructure.

James McGrath (Queensland, Liberal National Party, Assistant Minister to the Prime Minister) Share this | Link to this | Hansard source

I seek leave to make a short statement.

Sue Lines (WA, Deputy-President) Share this | Link to this | Hansard source

Leave is granted for one minute.

James McGrath (Queensland, Liberal National Party, Assistant Minister to the Prime Minister) Share this | Link to this | Hansard source

The coalition government is acting to ensure Australia's fiscal sustainability by maintaining our path back to budget balance in 2021 and tackling rising debt. Everything this government is delivering is designed to reduce the burden on families and guarantee essential services. That's why we're committed to keeping taxes as low as they possibly can be. Reducing the corporate tax rate would make a strong contribution to Australia's economic growth and raise productivity, employment and wages in Australia. A lower company tax rate would result in higher earnings and more investment. This will lead to longer term capital gains and higher dividends in the future for domestic shareholders of Australian companies including retirees. Our comprehensive plan to boost investment in Australia also includes a defence industry plan, a national energy guarantee, $75 billion in infrastructure investment and record investments in skills and education.

Question negatived.